Carroll city officials are approaching the end of their Fiscal Year (FY) 2024 preparations with the public hearing for the proposed $25 million budget. Planning for FY24 budgets has been especially challenging for cities, counties, and school districts this year after the legislature corrected an error in the property valuation rollback formula, leading to an unexpected decrease in the available tax base. Initially, the council had planned for a rate of $11.89768 per $1,000 of taxable valuation, but they were forced to increase the levy by 27 cents to $12.16844 to account for the formula adjustment. City Finance Director Laura Schaefer notes the rate might be higher than they originally planned, but it has not substantially changed the city’s total FY24 tax asking.
The council voted unanimously to schedule the hearing for the proposed FY24 budget for their April 10 meeting. Schaefer says most taxpayers will be paying nearly the same amount, if not less, in city property taxes despite the rate increase, as the state reduced their taxable assessed valuation. The proposed FY24 budget shows total anticipated revenues of $25.7 million, total expenditures of $25.1 million, and an overall decrease in the ending fund balance of $5.6 million. The complete 295-page budget is available via the city’s website and with this story online. The council was also presented a pre-levy resolution for debt issuance related to the ongoing Rec Center project and the planned Adams Street reconstruction this spring. While those projects started in FY23, the city won’t begin repaying those debts until FY24. Schaefer says the resolution is just another step in the approval process.
The pre-levy resolution was also approved unanimously. The only step remaining for the council to finalize the FY24 budget is the April 10 public hearing, which will allow residents to express any concerns they may have with the proposal. Budgets are typically due by March 31, but the legislature granted an extension this year following the adjustment to the property rollback formula.
Click the link below for City of Carroll FY24 Budget Documents
