Following the second round of public hearings at its September 12 meeting, the City Council approved the Fiscal Year (FY) 2024 budget and adopted a tax rate of $0.609822 per $100 of valuation which is the same as the FY 2023 tax rate. Of the total tax rate, $0.450330 is dedicated to maintenance and operations, which is a slight increase from the FY 2023 tax rate for maintenance and operations, and $0.159492 is dedicated to debt service payments. The debt service portion of the tax rate is decreasing despite the issuance of General Obligation Bonds that were approved by voters in the 2019 Bond Election as well as Certificates of Obligation.
Revenues for all funds total $107,910,607, which is an increase of $18.12M compared to the FY 2023 budget. Primary revenue sources are property tax ($36.08 million), sales tax ($15.2 million), hotel occupancy tax ($5.25 million), interest and other income ($13.59 million), and utility service fees ($15.95 million).
The new budget takes effect on October 1 and includes the following significant items:
The FY 2024 proposed five-year capital improvements budget totals $54.29 million. Significant projects include: