Breaking it down
Finance Director Sarah Buckelew said the annual budget is around $181 million, and Capital Improvement Projects make up around 32% of expenditures.
Planned CIP projects cost around $57 million, with 39% of those projects funded through bond debt approved by voters in 2022.
The general fund, which covers daily operations and expenses, makes up $43 million of the budget, while city utilities are expected to cost around $88 million. City utilities revenue comes from rate payers rather than property taxes.
The $181 million budget is divided into three categories, including general funds, special revenue funds and utility funds. Special revenue funds add up to around $50 million in the proposed budget.
Diving deeper
To support the budget, City Council will need to approve the tax rate for property owners. City staff said the proposed rate is the same as the previous fiscal year at $0.4716 per $100 valuation.
While the tax rate is planned to remain at the same level, taxes paid to the city will depend on property appraisal values.
Buckelew said the average home value within the city increased from $460,000 to $485,000. A property valued at $485,000 would pay around $2,287 in annual city taxes.
The first public hearing for the budget and tax rate is planned for Aug. 26, while the second hearing and adoption are planned for Sept. 9.
