MONROE - The City of Monroe on Friday released its tax rate calculated for the 2009 budget.
Monroe's property tax rate will increase six cents over last year. Based on the rate of $9.79 per $1,000 of assessed value, property owners can expect to pay $979 on a $100,000 home.
Expenditures for 2009 come to just under $10.9 million, and revenues are expected to be $4.6 million.
The city applied $192,500 from surplus funds, leaving it to levy about $5.96 million.
The net property tax levied is about $116,000, or about 2 percent more than was levied in 2008.
The tax levy for 2008 was $5.84 million with $125,000 surplus funds applied.
Monroe is experiencing fiscal conditions expressed by other cities across the nation.
According to a National League of Cities survey of finance officers in U.S. cities, conducted from April to June of 2008, "spending pressures stem from rising costs, such as energy and fuel prices, public safety and infrastructures needs, and employee-related costs for health care, pensions and wages.
Monroe's employee health care costs rose by about 20 percent, the largest line item increase in all departments.
Finance officers predicted both revenues and spending would decline in inflation-adjusted terms, with revenues declining more than spending, leaving a gap of about 2.8 percent.
Because of the downturn in real estate values and housing finance problems, property tax revenue was expected to decline by 3.6 percent by the close of 2008. A lag in recovery also could mean a slow rebound for city revenues in 2009 and 2010.
To balance annual budgets, many cities are increasing fees and charges for services. Monroe's Finance and Taxation Committee briefly discussed the need to increase building permit fees and charging back to businesses the state inspections costs for weights and measures.
Ending balances, or "reserves," are expected to provide a buffer against the current downturn in the economy.
Monroe budgets applied surplus funds of $192,500 for 2009, $125,000 in 2008, and $300,000 in 2007 to meet state levy constraints. Last year, Gov. Jim Doyle eased the constraint to 3.86 percent for one year. The limit normally is 2 percent after debt service is subtracted.
The debt service applied for 2009 was $158,900, which kept the 2009 budget within the 2 percent maximum increase. Debt service in 2007 was about $156,000.
Debt service allowances used one year must be deducted the following year, making it harder to keep within the 2 percent increase, especially during times of rising prices.
Monroe's property tax rate will increase six cents over last year. Based on the rate of $9.79 per $1,000 of assessed value, property owners can expect to pay $979 on a $100,000 home.
Expenditures for 2009 come to just under $10.9 million, and revenues are expected to be $4.6 million.
The city applied $192,500 from surplus funds, leaving it to levy about $5.96 million.
The net property tax levied is about $116,000, or about 2 percent more than was levied in 2008.
The tax levy for 2008 was $5.84 million with $125,000 surplus funds applied.
Monroe is experiencing fiscal conditions expressed by other cities across the nation.
According to a National League of Cities survey of finance officers in U.S. cities, conducted from April to June of 2008, "spending pressures stem from rising costs, such as energy and fuel prices, public safety and infrastructures needs, and employee-related costs for health care, pensions and wages.
Monroe's employee health care costs rose by about 20 percent, the largest line item increase in all departments.
Finance officers predicted both revenues and spending would decline in inflation-adjusted terms, with revenues declining more than spending, leaving a gap of about 2.8 percent.
Because of the downturn in real estate values and housing finance problems, property tax revenue was expected to decline by 3.6 percent by the close of 2008. A lag in recovery also could mean a slow rebound for city revenues in 2009 and 2010.
To balance annual budgets, many cities are increasing fees and charges for services. Monroe's Finance and Taxation Committee briefly discussed the need to increase building permit fees and charging back to businesses the state inspections costs for weights and measures.
Ending balances, or "reserves," are expected to provide a buffer against the current downturn in the economy.
Monroe budgets applied surplus funds of $192,500 for 2009, $125,000 in 2008, and $300,000 in 2007 to meet state levy constraints. Last year, Gov. Jim Doyle eased the constraint to 3.86 percent for one year. The limit normally is 2 percent after debt service is subtracted.
The debt service applied for 2009 was $158,900, which kept the 2009 budget within the 2 percent maximum increase. Debt service in 2007 was about $156,000.
Debt service allowances used one year must be deducted the following year, making it harder to keep within the 2 percent increase, especially during times of rising prices.