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Committee discusses 2025 tax-rate options and ties rate to capital-priority planning
Summary
Finance committee members reviewed a possible 2025 tax-rate increase, discussed capital project prioritization and reserves policy, and planned a joint committee meeting to align the budget process and project timelines.
Fort Thomas’ finance committee discussed options for the 2025 tax rate, capital project prioritization and a possible regular cadence for finance briefings as staff prepares a longer-term capital plan.
Staff said a compensating rate plus 4 cents (“comp plus 4”) would increase revenue by about $250,000 to $300,000. “The comp plus 4 would increase about $250,000 to $300,000 in revenue for the following year,” Matt (city staff) said. He said staff will provide more detailed numbers and a 30-year capital plan for committee review.
Committee members emphasized that any decision on a tax-rate change should be integrated with capital priorities, reserve targets and the audit timeline. “Do we have when we look at what are we going to hold in terms of reserves, 3 months, 4 months, 5 months… Do we need a tax increase to help fund some of those amenities that are necessary?” one council member asked. Eric (council member) urged the group to consider a reserves target and suggested a conservative red line. “Maybe 3 months is our red line where we don't do any capital projects, you know, unless it's an absolute emergency,” Eric said.
Staff reported the audit is pending and that an updated capital-equipment schedule will be provided to the committee. Committee members proposed a joint meeting of law, labor & license and finance committees in the final week of August to discuss the budget cadence, the bike-ordinance item and capital planning; several members preferred a midweek meeting earlier in that week.
Council members also reviewed a list of proposed capital projects and potential candidates for delay or removal from the current budget to meet spending constraints. Park projects under discussion included Highland Park playground replacement and Tower Park lighting and kiosk updates. Staff said the Highland Park piece that had been taped off may need removal if parts are unavailable; staff will decide by the end of the week whether to remove the aging equipment.
Next steps: staff will provide a detailed comp-plus scenarios matrix and a 30-year plan, refine audit timing and circulate adviser proposals and capital project estimates; the committee agreed to regular finance briefings and to a joint committee meeting in late August to review numbers and prioritization.
