City staff has recently published the draft FY24 budget calendar. You can see the calendar below.
The key dates include (a) January 27 – Mayor & Council requests/ resident suggestions for the FY24 Proposed Budget due. (b) March 10 – FY2024 Proposed Budget & CIP published and posted on the City’s website. (c) March 25 – Saturday Budget Worksession. (plus March 28 if necessary). (d) May 9 – Public Hearings on the Budget and Constant Yield Rate. ( e ) May 23 – FY2024 Budget adoption.
Staff is not aware of any significant shortfalls in revenue nor any significant over-expenditures of budgeted amounts in the current FY 23 fiscal year. We expect departmental expenditures, in total, to be under budget by the end of the fiscal year. For FY 24, staff anticipates a significant increase in assessed value – this will need to be confirmed by the State by next month.
Salaries in the proposed budget will include a 2.5% cost of living adjustment, as negotiated with the union plus estimates for merit increases where applicable. The City Council has maintained a cap of 0% for the last several years. This provides the maximum property tax relief for homeowners. By taking no action, the cap will remain at 0% for FY2024. Each percentage point of cap reduction represents about $15,000 of property tax revenue to the City.
City is expected to adopt a balanced FY 24 budget.
On the Seniors’ tax credit, staff said further research be done to estimate the costs of a similar City program for eligible seniors. This could be included for consideration in the FY2024 Proposed Budget.