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Council Plans not to Change Property Tax Rate in FY 2022

At last week’s meeting, the Council got a preview of the FY2022 budget cycle and a review of the Homestead Tax Credit. The staff has also released the draft FY 2022 budget calendar.

The budget worksession is scheduled for Saturday, March 27th. All departments will be scheduled for review. An additional budget worksession may be scheduled on Tuesday, March 30 if necessary. According to Staff, a preliminary review of major revenue sources year-to-date actuals appears in line with the revised (amended) budgets.

It appears that the FY2021 budget, as amended in September 2020 for additional COVID-related revenue reductions is still sustainable and expenditures are as expected.

Based on the preliminary estimates from the County show some increase in the assessed value in FY2022 but it’s a little early now to know a more specific impact on the budget. The goal at this point is to maintain the current property tax rate.

Staff is recommending a 2.0% cost of living adjustment, as negotiated with the union, plus estimates for merit increases where applicable.

Staff also recommends continuing with the 0% cap on the Homestead Tax Credit.

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