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Finance committee recommends adoption of the city’s balanced 2025 budget; committee votes 5-0
Summary
The Finance Committee recommended the 2025 annual budget — described as balanced at roughly $759 million in expenditures — for full council consideration after a presentation by the city treasurer and CFO. Committee approved the recommendation 5-0.
The Aurora Finance Committee on Nov. 14 voted 5-0 to recommend adoption of the city’s 2025 budget, a document the chief financial officer described as balanced and the culmination of a seven-month internal process.
Chris Minnick, chief financial officer and city treasurer, presented the budget overview and reiterated that the 2025 budget is balanced. He said the draft includes approximately $759 million in expenditures, which incorporate roughly $57 million in carryover projects from 2024. Minnick said the budget anticipates about $633 million in 2025 revenues and roughly $126 million in financing sources and prior-year balances.
Minnick told the committee the proposal includes no tax rate increases; instead, the city’s equalized assessed valuation (EAV) growth has reduced the tax rate while increasing revenue. He said the city expects a decline in the proportionate property tax rate and predicted a 6–7% increase in the tax base due to new development and valuation growth.
To pay for rising public-safety pension liabilities and public building projects (including a public works facility and three new fire stations), the administration proposes increasing the property tax levy amounts for police and fire pension funds and the debt-service levy. Minnick estimated the combined levy changes would amount to an $87 annual increase for the owner of a $300,000 home, with roughly $58 attributable to public-safety pension costs and about $29 attributable to debt for building projects. He emphasized that the overall tax rate is projected to decline because of EAV growth.
Minnick also reviewed capital priorities, including continued bond draws for construction, a planned purchase of a valet garage from ACCO, fire station design and construction, park improvements, roadway projects and a proposed expansion of the 311 service center. He said the draft budget anticipates adding about 42 full-time equivalents overall and plans to spend remaining ARPA funds in 2025 on specified projects.
The finance committee moved and seconded recommendation to forward the 2025 budget to the Committee of the Whole and a public hearing schedule. The committee recorded a unanimous 5-0 vote to recommend the budget for further council consideration; the council is scheduled to hold the public hearing and final adoption in early December.
