As part of creating next year's budget that starts July 1, 2022 (FY2023), the City is required to set a public hearing for the maximum property tax dollars that the City will request for specific levies. In the linked report, the first column shows the levied dollars for these same specific levies for the current fiscal year that started July 1, 2021 (FY2022). The second column shows the same dollars as the first column, but the maximum tax rate changes because the taxable valuations changed in FY23. The third column shows the dollars the City is requesting for these specific levies in FY23 based on the taxable valuations for FY23.
The increase from FY2022 to FY2023 is $423,288 or an increase of 3.48%. This helps pay for increased costs in wages, employee benefits, property and liability insurance, utility increases, transit operations, etc.
This report does not reflect the overall City property tax levy, as other levies such as the library, band, capital improvements, and debt service levies are not included. When factoring in all the levies, staff are recommending to Council to keep the overall property tax levy rate for FY2023 the same as FY2022.