The update
Council approved the city's budget, setting a tax rate slightly above the no-new-revenue rate, which will result in a 2.7% increase in property taxes for residents, said Carrie Cook, budget manager for the city.
For homeowners, this translates to an increase of approximately $7.17 for every $100,000 of property value, Cook said.
By the numbers
The city’s budget outlines $210.4 million in revenues and $322.6 million in expenditures, according to previous reporting.
The city faced $14 million in unfunded resource requests, reflecting needs that couldn’t be accommodated within the current financial plan, Cook said.
Despite the increase in expenditures, the budget is expected to exceed last year's revenue, as previously reported.
“This is a structurally balanced budget,” City Manager Robert previously said. “What I mean by that is that recurring revenue is either greater than or equal to recurring expenditures.”
The tax rate has been set at $0.408936 per $100 of assessed property value, which breaks down into:
- $0.203928 for debt service
- $0.205008 for operations and maintenance.
