Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Budget topic
No spam. Unsubscribe anytime.
Green Isle reviews third‑quarter finances and previews 5.72% levy increase for 2025
Summary
Finance consultant Julie (Abdo) presented the third‑quarter report through Sept. 30, 2024; council previewed a proposed 5.72% increase in the property tax levy for taxes payable 2025 and noted timing variances in several funds.
Julie, a consultant from Abdo, presented the city’s third‑quarter financial review covering activity through Sept. 30, 2024. She described the accounting procedures (completed bank reconciliations and analytical reviews) and walked the council through packet highlights including cash balances, investment trends and notable variances.
Julie said cash and investments were about $20,000 lower than Dec. 31, 2023, and explained recurring month‑to‑month patterns tied to tax settlements in July and December. She identified several revenue and expenditure variances: property tax timing (expected to normalize after tax settlements), higher license and permit revenues tied to increased storm‑related permitting activity, and lower intergovernmental revenue for the quarter because some state aid arrives later in the year.
On expenditures, Julie flagged increased general‑government spending (carpet and tile removal, compost bunker purchase), building‑inspection costs linked to higher permit activity, and street projects that pushed street and highway spending above the quarterly budget. She also noted timing differences in bond and grant payments across enterprise funds.
Staff previewed the 2025 budget and said the property tax levy currently shows a 5.72% increase for taxes payable 2025; the fire truck levy will be zero in 2025 because the related loan was paid off in 2024 and the levy was reallocated to capital savings. The presentation included a note that the Homestead Market Value Exclusion maximum increased (from $30,400 to $38,000) and the phase‑out threshold rose (from $413,800 to $517,000), which affects comparative tax figures year to year.
Council and staff discussed which items fall under EDA authority and confirmed upcoming meetings: the EDA meets Dec. 2 and the council’s final public hearing on the budget is scheduled for Dec. 10. No formal adoption of the budget occurred at this meeting; staff will present final figures at the Dec. 10 public hearing.
