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Lake Havasu City adopts balanced fiscal 2019–20 budget; property tax levy set with flat rate
Summary
Council adopted the city’s final $148.6 million fiscal year 2019–20 budget and approved setting the property tax levy with a flat rate; staff said the levy will raise revenue through increased assessed valuations rather than a higher rate.
Lake Havasu City Council adopted the city’s final fiscal year 2019–20 budget on Tuesday and approved moving the proposed property tax levy to a formal adoption vote scheduled for July 9.
City Finance staff told the council the adopted levy rate will remain flat from the prior year; because assessed property values rose, total property tax collections tied to the levy will increase. Finance Director Cassandra Olsen told council that only about 7.8 cents of every property tax dollar collected on a typical bill goes to the city and that, for an owner with $100,000 of assessed value, the city portion would increase the tax bill by $3.14 per year based on valuation growth.
Council adopted the final FY 2019–20 budget in the amount of $148,611,388 and heard staff say the plan is balanced and includes no new debt. The budget funds step increases for eligible employees, a positional analysis study, and a fully funded capital improvement plan with identified funding sources, city staff said.
Mayor Sheehy and council members emphasized that the levy rate remaining flat limits the city’s share of the tax bill, while recognizing that total bills may rise as property values increase. The council voted to levy the proposed property tax and to assess the levy at the July 9 meeting. At a subsequent special meeting the council adopted the final budget.
Council members thanked staff for months of budget work and public hearings leading to the final adoption. The council’s vote to approve the budget was unanimous.
