City + Citizen News

City Council approves first reading of next fiscal year budget

Wednesday, May 30

New budget includes no tax or fee increases, will receive second reading June 11

 

It's the most important ordinance considered by City Council each year, and at Tuesday's meeting the City's fiscal year 2018-2019 budget received unanimous approval on first reading. The $40.8 million budget includes no tax or fee increases and shows four percent projected revenue growth, owing largely to growing in Hospitality Tax and Business License revenue, markers of a strong local economy according to Assistant City Manager, Chris Story. 

 

However, much of that growth is absorbed in the budget by necessary expenditure increases for the City's equipment replacement fund, facilities maintenance, and City Employee medical insurance and retirement fund increases. Details include:

 

• Three percent employee cost-of-living pay increase
• Seven percent increase for the medical insurance fund
• $250,834 for mandatory increases in employee retirement
• Increase of $50,000 for City’s legacy pension plan
• $220,000 for building facilities maintenance
• $1.49 million for equipment replacement

 

Final approval will be considered at City Council's next meeting on June 11, and the new budget will go into effect on July 1. Follow this link to download the full proposed fiscal year 2018-2019 budget. For more from Tuesday's Council meeting see the full video and roundup of our live tweets below.