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2022 Budget Information
FINAL 2022 BUDGET, TAX LEVY APPROVED BY CITY COUNCIL
On December 6th, the City Council adopted the 2022 General Fund Budget and Tax Levy. The General Fund pays for basic government services like Police, Fire, Street Maintenance, Building Inspections, and Zoning. The General Fund expenditure budget is increasing by $715,096 (7.7%). This increase is being partially funded by non-tax revenue sources and requires an increase of $334,156 (5.1%) in the General Fund tax levy.
The property tax levy has five components. The first is the operating levy, which is adopted to fund the General Fund Operating Budget. The second part is the Pavement Management Levy that is needed to fund the City’s pavement maintenance plan. The increase includes an additional $150,000 for the road maintenance and reconstruction; reflecting the Council’s desire to establish a long term funding solution for the City’s road infrastructure. The third and fourth part of the levy, added this this year includes funding towards the Building Fund and re-established Parks Fund, of $375,000 for development, improvements and repairs for buildings and $50,000 for parks, respectively The final levy component is for the debt service of the City’s outstanding bonds.
The approved 2022 Tax Levy is $6,944,766, an increase of $334,156 (5.1%) over the 2021 tax levy. The tax rate is projected to stay flat at 16.78%.
2023 BUDGET INFORMATION
2023 Budget and Tax Levy SUMMARY
On December 12th, the City Council adopted the 2023 General Fund Budget and Tax Levy. The General Fund pays for basic government services like Police, Fire, Street Maintenance, Building Inspections, and Zoning. The General Fund expenditure budget is increasing by $969,904 (9.7%). This increase is being partially funded by non-tax revenue sources and requires an increase of $334,156 (5.1%) in the General Fund tax levy.
The property tax levy has six components. The first is the operating levy which is adopted to fund the General Fund Operating Budget and is increasing by $648,900 (13%). The second part is the Facilities Levy which is dedicated to be used for construction and capital maintenance of city buildings which is remaining at the 2022 amount. The third is for the Pavement Management Levy that is needed to fund the City’s pavement maintenance plan and is increasing by $100,000 (11.1%). The levy for parks is being increased by $50,000 (50%). The Community Investment levy is being established at $219,000 to pay for projects of citywide value. The final levy component is for the debt service of the City’s outstanding bonds
The approved 2023 Tax Levy is $8,387,000, an increase of $1,442,220 (20.7%) over the 2022 tax levy. The tax rate is projected to decrease slightly to 16.567%