MONROE - The City of Monroe Finance and Taxation Committee sent the final 2009 proposed budget to the City Council on Thursday night.
The final amount the city will need to raise from property taxes is just shy of $6 million.
City Treasurer Cathy Maurer said the final tax rate will not be known until assessment values are received. Those will be available before Nov. 3, when the city must publish the budget notice.
The council votes on the budget Nov. 18.
The net property tax levy is $157,000, or 2.69 percent, higher than in 2008, when the city levied $5.8 million.
However, the city used $200,000 from surplus funds, or $75,000 more than it did in 2008, to offset the shortage of expected revenues over budgeted expenses.
Both expenditures and revenues are lower than last year.
Expenditures for 2009 are budgeted to be one-half percent, or $56,576, less than the 2008 budgeted expenses.
But revenues are expected to be down 5.87 percent from last year, or about $288,000. One line item zeroed out is a $100,000 loss in special assessments.
City Council members made a promise this spring to residents along 16th Avenue, to find another way to pay for city street and infrastructure improvements, rather than charge special assessments.
The Finance and Taxation Committee inadvertently and unexpectedly helped by taking $100,000 out of, and canceling, new sidewalk installation for next year. They kept in $30,000 for sidewalk repairs.
Allowances for debt service kept the 2009 budget within the state imposed 2 percent maximum increase.
But 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.
Maurer would like to get the debt service reduced in future years, because "it comes back to bite you," she said.
A debt service allowance of $156,000 taken in 2007 had to be subtracted from the 2008 budgeted amount, leaving $5.69 million, which is the amount from which the Finance and Taxation Committee could increase only 2 percent for the 2009 budget.
The 2010 tax levy will have to be reduced by the $188,000 debt service allowance used this year.
The final amount the city will need to raise from property taxes is just shy of $6 million.
City Treasurer Cathy Maurer said the final tax rate will not be known until assessment values are received. Those will be available before Nov. 3, when the city must publish the budget notice.
The council votes on the budget Nov. 18.
The net property tax levy is $157,000, or 2.69 percent, higher than in 2008, when the city levied $5.8 million.
However, the city used $200,000 from surplus funds, or $75,000 more than it did in 2008, to offset the shortage of expected revenues over budgeted expenses.
Both expenditures and revenues are lower than last year.
Expenditures for 2009 are budgeted to be one-half percent, or $56,576, less than the 2008 budgeted expenses.
But revenues are expected to be down 5.87 percent from last year, or about $288,000. One line item zeroed out is a $100,000 loss in special assessments.
City Council members made a promise this spring to residents along 16th Avenue, to find another way to pay for city street and infrastructure improvements, rather than charge special assessments.
The Finance and Taxation Committee inadvertently and unexpectedly helped by taking $100,000 out of, and canceling, new sidewalk installation for next year. They kept in $30,000 for sidewalk repairs.
Allowances for debt service kept the 2009 budget within the state imposed 2 percent maximum increase.
But 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.
Maurer would like to get the debt service reduced in future years, because "it comes back to bite you," she said.
A debt service allowance of $156,000 taken in 2007 had to be subtracted from the 2008 budgeted amount, leaving $5.69 million, which is the amount from which the Finance and Taxation Committee could increase only 2 percent for the 2009 budget.
The 2010 tax levy will have to be reduced by the $188,000 debt service allowance used this year.