At tomorrow’s meeting, the Council will host a Public hearing about the new FY23 City budget.
For FY2023, the budget proposes reducing the real estate property tax rate to 30.18 cents per $100 of assessed value. The total General Fund proposed budget of $30.46 million.
The budget includes an increase in personnel costs of $1.1 million over the FY2022 budget, attributable to merit/cost-of-living adjustments, a newly negotiated union agreement, four new full-time positions and 3 part-time positions.
FY2023 CIP capital outlay totals $17.965 million. The most significant budgeted capital expenditures include: (a) $5.03 million for Duvall Field renovations (b) $4.25 million for streets and sidewalks. (c) $2.01 million for Hollywood Commercial revitalization (streetscape) (d) $975,000 for the vehicle replacement program, which includes purchasing an EV trash truck. The FY2023 CIP also includes the addition of the North College Park Community Center project. The first-year funding (of 4 years planned) is $375,000 ( a total of $1.5 million).
The City has long-term debt for the construction of the parking garage and City Hall/UMD facility and renovations of Duvall Field. Required debt service (principal and interest) in FY2023 totaling $1.475 million for these bonds has been budgeted in the Debt Service Fund.