The overview
The tax rate remains the same as FY 2023-24, but because the appraised value of homes went up this year, it will appear as a 2.8% tax increase, bringing in more tax revenue to the city.
The budget expects to bring in $55.46 million total with general property taxes, sales taxes and various other incomes. This is an increase from the projected FY 2023-24 revenue by $2.54 million.
The city expects to spend $63.32 million total for all departments and end with $34.81 million in reserves for emergency expenditures and the beginning balance for FY 2025-26 year.
The budget was tabled at a previous council meeting on Aug. 27. The proposed tax rate was $0.325726, which would have been a 5.7% increase from the FY 2023-24 tax rate, Community Impact previously reported.
Finance Director Kyle Lester said he wanted more time with the budget, thinking there was “a strong possibility of an alternative solution, but with a lower tax rate as well as building [a] sustainable budget.”
The council agreed to look at the budget again at the Sept. 10 meeting.
“I didn’t want to put that on the additional taxes," Mayor Scooter Gierisch told Community Impact. "Even though it was a little over two cents, that still adds about $212 on average to every citizen ... had we allowed it to be raised.”
Additional details
The taxes will be distributed with $0.178187 of taxes going towards maintenance and operation and $0.129852 towards the payment of debt for the city.
Sales taxes make up the majority of the city’s revenue, with an expected income of $25.64 million for the upcoming fiscal year.
Most of the expenditures are budgeted for administration at $21.55 million. The police department is expected to spend $11.15 million, making up the next-highest expenditure in the budget.
Editor's Note: The story reflects the correct tax rate.
