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Aurora finance committee reviews proposed $694 million 2025 budget, plans levy increase for pensions and debt
Summary
City finance staff presented a balanced $694 million proposed 2025 budget that relies on a growing tax base, uses prior surpluses and bond proceeds for capital projects, and proposes a property tax levy increase mainly to cover rising public safety pension costs and modest debt service.
The Aurora Finance Committee heard an overview of the city’s proposed $694 million budget for fiscal 2025 on Oct. 17, with staff describing the plan as balanced and driven largely by capital needs and a growing tax base.
Chris Minnick, chief financial officer and city treasurer, told the committee the city expects about $626 million in 2025 current revenues, will use roughly $68 million of budgeted prior revenues under fund-balance policy and plans to offset some capital spending with bond proceeds. “The fiscal year 2025 proposed budget is balanced,” Minnick said.
Minnick said the proposed levy will rise in dollar terms by roughly $5.3 million for 2025. He attributed most of that increase to higher statutorily required public safety pension contributions — about $21 million for police and $15.1 million for fire in recommended contributions — and a smaller portion to infrastructure investments. “Both pension levies are actually the statutorily required minimum amount,” he said, adding that an actuarial change and increased sworn headcount since about 2016 have driven up costs.
The presentation emphasized that no tax rate increase is included in the 2025 draft; staff expect the city’s tax rate to decline for the 11th straight year because the city’s equalized assessed valuation (EAV) has grown. Minnick said Aurora added about $2 billion in EAV between 2016 and 2024 and expects continued growth from apartment projects in the Fox Valley Mall area, a recent Genesis auto dealership on Ogden, and data center construction along Eola and Belter roads.
Minnick also described a proposed $1.75 million increase in the debt-service levy to help finance construction of public buildings, including new fire stations and other facilities. He said the debt-service levy has not changed since 2005 and that the proposed dollar increase would still generate a lower debt-service rate than the 2005 levy. The committee was told the estimated taxpayer impact of the combined levy changes would be about $75 annually for a home with a $250,000 market value (roughly $6 a month).
Capital spending featured prominently in the overview. Minnick said the 2025 capital-improvement program includes roughly $181 million of projects in that year and about $900 million identified across a 10-year horizon, with many projects funded by recurring revenue sources such as motor-fuel taxes and other dedicated funds.
The presentation also noted planned continued use of remaining American Rescue Plan Act (ARPA) funds in 2025 for initiatives such as technology improvements, the Steam Academy, ShotSpotter, a “no child left offline” initiative and partial funding of the Promenade Walkway to reduce future bonding by about $1.7 million. Minnick clarified that ARPA funds must be committed by the end of 2024 but may be spent through 2026.
Next steps outlined by staff include ongoing departmental budget presentations through Nov. 4, a finance-committee recommendation request on Nov. 14, a Committee of the Whole review Dec. 3 and a public hearing and council consideration in early to mid-December.
