Having completed a budget workshop last week, Mayor Mike Schmitt and the Elgin City Council will now present the proposed Fiscal Year 2023/24 budget to the public.
Council members met with City Clerk Kristin Childers on Wednesday evening, August 23, to review the proposed budget.
The proposed budget is calling for a tax asking hike of 15 percent. One year ago the tax request was $174,225. This year the proposed tax request is $199,980, an increase of over $25,700 from one year ago.
The tax required for non-bond purposes is $161,855, the remainder ($38,125) of tax dollars is required for bonds.
The proposed budget would include an unused budget authority of $3,433.22 created for next year.
A comparison of budget figures from 2023/24 compared to 2022/23 follows:
Operating budget — $3,334,772 this year versus $3,398,200 last year. The new budget reflects a two percent decrease from one year ago.
Valuation — $58,797,046 this year compared to $50,702,500 one year ago. The valuation reflects a 16 percent increase from last fiscal year.
Tax rate — The proposed 2023/24 tax rate is 0.340119, down from 0.343622 one year ago. That’s a decrease of one percent.
The public hearing on the 2023/24 city budget will be held Wednesday night, September 6, beginning at 7:15 p.m. at City Hall for the purpose of hearing support, opposition, criticism, suggestions or observations of taxpayers.
The meeting is open to the public.
