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New Richmond council adopts balanced 2025 budget and five-year CIP; library bond and library project funding anticipated
Summary
The New Richmond City Council approved a balanced 2025 operating budget and the 2025–2029 capital improvement plan, projecting roughly $9.6 million in revenues and expenditures, a 4.15% levy increase and a planned $10 million lease revenue bond through the CDA to support the library project.
The New Richmond City Council voted to adopt the 2025 operating budget and the 2025–2029 capital improvement plan after a staff presentation and public hearing.
City finance staff said the proposed 2025 budget totals just over $9.6 million in both revenues and expenditures, an increase of about $712,000 (8%) from 2024. About 60% of city revenues still come from property taxes, staff said, and intergovernmental revenue is projected to rise by roughly $140,000 largely because of Act 12 and increased county funding for the library. "The…
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