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Following the second round of public hearings at its September 13 meeting, the City Council approved the Fiscal Year (FY) 2023 budget and adopted a tax rate of $0.609822 per $100 of valuation which is less than the FY22 tax rate of $0.614660 per $100 valuation
Of the total tax rate, approximately $0.45 is dedicated to maintenance and operations, and approximately $0.16 is dedicated to debt service payments. The debt service portion of the tax rate was anticipated to increase as a result of the planned issuance of General Obligation Bonds that were approved by voters in the 2012 and 2019 Bond Elections. However, the financial impacts of the General Obligation bond issuances this year were less than the projections included in the materials provided to the public as part of the 2019 Bond Election process.
Revenues for all funds total $89,782,283, an increase of $4.79M compared to the FY 2022 budget. Primary revenue sources are property tax ($32.96 million), sales tax ($14.40 million), hotel occupancy tax ($4.80 million), and utility service fees ($15.27 million).
The new budget takes effect on October 1 and includes the following significant items:
The FY 2023 proposed five-year capital improvements budget totals $43.53 million and includes:
You can watch the Council's budget discussion here and read the presentation here. You can watch the Council's tax rate discussion here and read the presentation here.