Yesterday, the City published the draft FY 2023 budget. The main highlights of the budget include:
- The budget recommends giving tax relief to our residents and businesses in these challenging times, by reducing the property tax rate to the constant yield tax rate, for the second consecutive year. The new tax rate will go down to 30.18 cents from the current rate of 31.31 cents (per $100 of property value).
- The budget proposes the expansion of full-time positions (3 new FTEs) and other operating costs to support strategic service delivery to ensure that our residents continue to receive the high level of services that they have come to expect.
- The budget recommends a strong fund balance reserves at, or above, policy level of 25% throughout the current five-year forecast.
- The budget proposes pay increases for the City’s dedicated workforce, including contract police officers, who continue to be one of our greatest assets.
- The budget adds $75K for curbside food scrap collection
- $25,000 for July 4th Independence Day parade on Rhode Island Avenue from Duvall Field
- The budget includes investments in Capital Improvement Projects (CIP) and capital asset maintenance and replacement. These include:
- $1.5 million for the North College Community Center to supplement the M-NCPPC’s total estimated budget of $15 million, to be paid over the next 4 years
- Funds to complete the College Park Woods pool property redevelopment – $600K in FY23 and $250K in FY24
- Complete the reconstruction of Duvall Field in FY23 ($5 million)
- $2.45 million over the next 5 years to build sidewalks throughout the city (Complete street project)
- Complete the Hollywood streetscape project in FY23 ($2 million)
- Old Parish House renovation – $70K over the next 5 years
- Resurfacing of certain City streets – $770K in FY23
- Rhode Island Avenue bike lane and intersection improvement – $467K in FY23
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