The FY23 budget documents show that the property tax levy rate will stay the same for FY2023 as it is for FY2022. Page 2 shows the dollar amounts and rates for each levy. The proposed levy will be $15.36163 per $1,000 of taxable property valuations. If your house has a value of $100,000, your City property tax would be $1,536 annually. Other budget pages reflect the revenues and expenditures, ending fund balances, long-term debt payments, etc. Local option sales tax received is allocated between property tax relief (78%) and Council designated for any legal purpose (22%). In FY2023, a total of $3,641,775 in local option sales tax is being used for property tax relief in order to keep the property tax levy rate the same.
The FY22 budget amendment reflects changes in revenues and expenditures in the current fiscal year due to new grants and ARPA funding, bonds issued, better estimates of FEMA Derecho projects, utilities, insurance, fuel. The totals of pages 6-8 of the FY23 budget documents above are incorporated into the amounts for the FY22 budget amendment. The budget amendment does not have any effect on property tax levies.
The Five Year Capital Improvement Plan shows the capital outlay for equipment and construction related projects. Only funds 030 and 032 are supported with property tax levy revenue. The other funds are supported with grant funds, road use tax, local option sales tax, donations, bond funds, ARPA funds or Enterprise funds. Fund 353 reflects the proposed projects for future bond funding projects.
If you are interested in seeing more budget related documents, from the City's homepage go to Departments, Finance, Budget Documents. This provides more detail of department activity, cash balances, transfers between funds, etc. You can also review the discussion items on the Council Agenda for the January through February meetings.