The tax rate remains unchanged compared to the previous fiscal year, but may increase average annual taxes paid due to an increase in home appraisal values.
The breakdown
The general fund, which covers daily operations and expenses, accounts for $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.
According to the budget, the city will raise $1.08 million in additional property taxes, and $266,194 of that revenue will be raised from new property added to the city tax roll.
Finance Director Sarah Buckelew said the $43 million increase compared to the previous year’s budget, $40.3 million is for capital-related projects, $1.2 million is for one-time expenses and operational increases account for $1.5 million.
What else?
City council also approved a bid for bonds approved by voters in 2022. When approved, the amount authorized for street projects was $23 million, and the amount authorized for park and recreation projects was $13 million.
In 2023, $18 million of the bonds were issued, and on Sept. 9, City Council issued nearly $4 million.
