Beloit staff outline proposed $117 million 2025 budget, highlight tax rate decline

City staff presented the proposed 2025 operating, library and capital improvement budget at a public hearing, describing a package of roughly $117 million that would be about $7 million, or 6%, higher than the 2024 budget. Garrett, who addressed council at the start of the hearing, said enterprise fund budgets rise by roughly $384,000 to just under $22 million and the capital improvement program increases by about $9 million (roughly 63%).

Garrett said personnel — salaries and benefits — account for about 80% of the budget and noted only limited staffing changes: moving a part‑time community service officer and an animal control position to other assignments, adding a seasonal intern to the police department, converting a seasonal office assistant to part time at Grinnell Hall, and restoring seasonal staffing at the Blender Cafe. He also described a review of allocations for full‑time staff who work across departments.

On revenues and tax impacts, Garrett told the council that recent state legislation increases Beloit’s shared revenue by about $364,000 and highway aids by about $163,000, and provides a personal property tax reimbursement of just over $700,000. He said much of that reimbursement offsets the property tax levy and produces a net levy decrease of about $490,000. Combined with increased assessed values, Garrett said the changes lower the local tax rate to roughly $6.50 per $1,000 of assessed value.

Garrett reviewed recent revaluations (noting a 2022 reval and another in 2024) and said the city’s assessment ratio remained near 94.4% of market value. He told council the next step is formal consideration of the budget on November 7, when the council will be asked to adopt the plan. Because this meeting was a public hearing, no action was taken tonight.