A key note to the proposed budget is maintaining the city’s $0.4473 tax rate, which would increase taxable value by 4% annually while raising expenditures by 5% for employee salaries and benefits.
Under the proposed budget general fund summary, the city is expected to spend $17.58 million on regular employee salaries and benefits, which is more than 11% higher than the projected expenditure for FY 2021-22. Salaries and benefits represent approximately 74% of the roughly $23.7 million anticipated in total expenditures for FY 2022-23.
The city's total estimated recurring revenue funds are expected to bring in $23.93 million. The largest revenue stream for the city, property taxes, will bring in an anticipated $15.22 million, or 64% of all revenue.
The city’s preliminary capital improvement plan is expected to cost $8.46 million with the single largest project, the regional drainage program, costing an estimated $3 million.
“It's highly unusual in our city’s history for a budget to be adopted without any amendments,'' Mayor Andrew Friedberg said at the council meeting.
Public hearings on the budget will be held Aug. 15, and budget workshops will be held Aug. 15-16.
“In these workshops we can hear a number of people discussing and not liking an expenditure, and then staff may make changes,” Council Member Jim Hotze said during the July 18 meeting.
