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Finance committee recommends budget that meets 25% reserve goal, recommends certified tax rate drop to 1.3204
Summary
McMinnville finance committee voted to forward a balanced-seeming 2025 budget package and a revenue-neutral certified tax rate of 1.3204 to the full board, while retaining a modest operating deficit and adding pension and pay adjustments in the proposed spending plan.
The McMinnville Finance Committee voted to recommend the proposed 2025 budget and to forward a revenue-neutral certified tax rate of 1.3204 to the full board, finance staff said at a committee meeting.
Samantha (finance staff) told the committee the proposed general fund ends the fiscal year with an estimated cash balance of $5,167,062, or 25.1% of expenditures, meeting the committee’s 25% reserve goal. “That is 25.1%, and I'm proud to say that. Our goal was 25%, so we are there,” she said during the presentation.
The committee’s recommendation keeps an operating deficit in the proposed budget (Samantha gave an updated figure of $273,453) while proposing more than $1 million in capital expenditures. The package includes a cost-of-living adjustment for all employees of 2% and a step increase (3%) for employees hired before…
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