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Oak Ridge council adopts FY2024–25 budget, keeps tax rate at 8 cents
Summary
The Town of Oak Ridge adopted the fiscal year 2024–25 budget June 6, maintaining the property tax rate at $0.08 per $100 of assessed value and funding planned water infrastructure and park projects while preserving a projected fund balance above $2 million.
The Town of Oak Ridge council on June 6 approved the fiscal year 2024–25 budget, preserving the town's property tax rate at 8 cents per $100 of assessed value and including funding for planned park and water projects.
Town staff presented a budget message describing projected revenue growth of about 4.5% and an expected 9.5% increase in operating expenses driven mainly by personnel and maintenance needs for new park facilities. The proposed capital work…
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