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Comptroller report: general fund ahead of schedule; property tax rate to drop to 3.971
Summary
The Budget Committee reported that general fund revenues were about 67% of budget at the time of the December review, departments were on track to finish at or below budget, and the city's property tax rate was estimated to fall to 3.971, the lowest since 2007.
Alderman O'Brien summarized the Budget Committee's Dec. 8 meeting, saying the comptroller reviewed the city's November financial statements and reported general fund revenues at roughly 67% of budget for that point in the fiscal year. Committee members discussed a line-item related to DUI equipment fines and asked administration to research details for a future meeting.
The comptroller told the committee that departments were generally on track to finish the year at or below budgeted expenditures, though upcoming retroactive pay for the fire department could have an impact. The committee devoted significant time to the property tax levy and reported the city's proposed property tax rate will decrease to 3.971 — described as the lowest city rate since 2007 — largely because of increased equalized assessed valuation (EAV) to approximately $358,000,000 and roughly $8,000,000 in abatements.
Alderman O'Brien said the city's request was a 2.5% increase that would produce about $344,000 in real dollars, described as modest in a nearly $40 million budget. Committee members and the administration will continue follow-up on levy details.
