City staff reports $40 million assessed valuation, moves one-time funds to insurance and equipment
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Summary
Staff reported an assessed valuation of $40,000,000 and said they shifted one-time funds to cover group insurance increases and to prepare for radio system and compressor purchases; officials noted excess overtime wages in public safety contributed to the adjustments.
City staff delivered department and budget updates that included an assessed valuation figure and several one-time budget adjustments.
Staff reported an assessed valuation of $40,000,000 and said the city's property tax rate is lower than in recent years. Officials noted sales valuation has roughly doubled since about 2012 and that discussions with Representative Judy are ongoing about revenue matters.
Staff described moving one-time funds to cover higher-than-expected wage costs for police and firefighters caused by staffing shortages and overtime; they said some of that money was shifted into group insurance (approximately $6,000 mentioned on the record). Officials also said the city plans purchases of radio systems and a compressor next year and may bond some costs to spread payments.
Council was asked to prepare for employee rate reviews later in the month; no new tax or appropriation was adopted at this meeting.