City staff presented proposed tax‑rate calculations and a draft budget at the Bridgeport City Council meeting on Aug. 4 and moved into a budget workshop to discuss the fiscal 2025–26 spending plan.

Staff member Corey presented three county‑provided rate calculations: the city’s current tax rate of 0.6189, a no‑new‑revenue tax rate of 0.58811, a voter‑approval rate recorded at 0.581732, and a de minimis rate of 0.643665. Staff explained the de minimis rate allows the city to collect an additional approximate $500,000 in revenue without triggering a rollback election, and that choosing a rate higher than the de minimis would automatically require an election.

City Manager Mike Murray and staff noted the county provides the official calculations and that the notice must be published in the local paper under state guidelines. The notice was submitted for publication and will appear in the paper on Thursday ahead of required public hearings: a budget hearing on Monday, Aug. 11, and a tax‑rate public hearing and council ratification scheduled for Monday, Aug. 18.

Council and staff discussed practical effects: staff said the de minimis rate represented about a 2.4‑cent increase over the current rate and estimated that the change equated to roughly $24 per year for a homeowner with a $100,000 taxable value, according to remarks during the meeting. Staff also noted some funds—such as EDC and certain TERS funds—are restricted in use and therefore are not available for general appropriation. The TERS 1 fund contains about $301,000, which staff said is allocated toward an upcoming housing/hub project; bids for that project were reported due the following Thursday at 11 a.m., with bid award anticipated at the Aug. 18 meeting.

No formal vote was required or taken on the tax rates during the Aug. 4 meeting; staff described the legal notice and the schedule, and the council proceeded into a budget workshop to review fund summaries and adjustments. Staff said the proposed budget in the workshop was built on the de minimis rate and included a contingency fund and reduced sales‑tax and water/sewer revenue projections compared with earlier drafts.

The council will vote on a “not to exceed” tax‑rate at the public hearing and then ratify the final tax rate and adopt the budget at the Aug. 18 meeting, staff said. The state‑mandated advertisement must follow prescribed wording and timing; staff emphasized the city complied with those requirements when filing the notice for publication.