The FY 2024-25 general fund, which comprises the operating budget, includes $137 million in expenses and $139 million in revenue, a $2 million surplus. Expenses increased almost 4% and revenue increased 3.4% from the FY 2023-24 budget, according to city documents.
The details
The new budget includes raising the property tax rate by $0.33 cents to $0.422435 per $100 valuation, according to city documents. This marks the fourth tax rate increase in almost 30 years in the city.
“[The tax bill increase] will equate to roughly $7 a month for the average [home worth] $450,000 with the FY 2024-25 tax rate,” Mayor TJ Gilmore said.
Zooming in
This budget will raise more revenue from property taxes than last year's budget by $6.15 million, which is a 7.02% percent increase. Of that amount, around $3.3 million will be raised from new property added to the tax roll this year, according to city documents.
The approved budget also anticipates revenue growth in sales tax, hotel occupancy tax, and utility and stormwater revenues, according to budget documents.
With the budget, the city has allocated funds for employee raises, traffic initiatives and infrastructure and facilities such as the construction of the Tittle-McFadden Public Safety Center, which is expected to be completed in FY 2024-25, and the Fire Training Tower currently under construction.
