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Lockport staff outlines $68 million proposed 2025 budget, city to use $12 million in reserves
Summary
At a Committee of the Whole meeting, city staff presented a proposed 2025 budget showing $57 million in revenue, $68 million in expenses and a proposed $7.81 million property tax levy (ordinance 24-113); council opened a public hearing and will consider final approval in December.
City staff on the Committee of the Whole reviewed the proposed 2025 budget and the related property tax levy, telling council the plan relies on $57,000,000 in revenue against $68,000,000 of planned expenses and would use $12,000,000 in excess reserves to cover the gap.
"We have $57,000,000 of revenue coming in, $68,000,000 of expense. We're using excess reserves of $12,000,000," Lisa said as she described the budget highlights and capital plans. She told council the city expects roughly $24,000,000 in capital construction and equipment spending next year and an unrestricted excess fund balance near $10,000,000.
The presentation included a breakdown of revenue sources: roughly one-third from water/sewer, one-third from state and local taxes, and about 15% from citywide real estate taxes. Payroll was shown at roughly $13,800,000 and the budget maintains a four-month operating reserve as required.
On the property tax levy, Lisa said the recommended levy amount is $7,810,750 and noted that the city’s tax rate has fallen from 0.9607 ten years ago to 0.691 now. "So if you look back 10 years ago, we were at 0.9607, and now we're at 0.691," she said, adding the levy increase excluding debt amounts to about $200,000 and that new growth is estimated at $21,000,000.
Lisa told the council the figures are estimates because final equalized assessed values and exemptions will be set by the county in the spring; the proposed levy will be brought to the full council in December as ordinance 24-113. The public hearing was opened at the meeting, council asked questions about reserves and line items, and later closed by motion; final action is expected at the next council meeting.
Council members did not register objections to placing the levy on consent for the December vote. The city said any differences reported in local press concern presentation of reserve figures, and staff emphasized the reserves are intended for reinvestment in capital projects.
