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Lake City Officials Reexamine Budget After Discovering Unexpected Decline In FY22 Estimated Revenues

Lake City officials have encountered a bit of a snag in their Fiscal Year (FY) 2022 budget preparations after discovering their total property valuations would be notably lower than anticipated. Administrator, Eric Wood, says they have had to reevaluate their estimated property tax revenues due to Shady Oaks Care Center being granted tax-exempt status.

Wood adds the city council is still in the very early stages of budget preparations, but early indications suggest the total property tax levy will increase by at least a dollar, if not more.

Iowa Code requires city councils to hold a public hearing on the proposed maximum property tax levy before they can submit a finalized budget to the Iowa Department of Management. The Lake City Council approved Feb. 15 as the date for this hearing at their meeting Monday night. Despite the title, the number presented during this hearing does not include all of the possible levies. Wood says the FY22 rate will not be published until Feb. 1, but he is certain it will be above the $12.50 rate approved for FY21.

Carroll Broadcasting will bring you more information on the proposed maximum tax levy rate once it is released. The Lake City Council must approve and submit their proposed FY22 budget to the Iowa Department of Management by March 31.

 

 

 

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