Meadowlakes property owners will pay $5.40 more per $100,000 evaluation on their homes for the 2020-21 fiscal year, despite no change in the tax rate. The City Council set the tax rate at 28.7 cents per taxable value, which is the same as last year’s rate. It also adopted an approximately $3.77 million budget at its regular meeting Sept. 15.
At this rate, the total tax income the city stands to gain is $820,255. In 2019, the city gained $791,700 with the same rate. That’s a 3.4 percent increase over the previous year. Of that amount, $13,076 is tax revenue raised from new property added to the tax rolls this year.
The tax rate assigns 0.1569 per $100 valuation for Maintenance and Operations and 0.1301 per $100 valuation for Interest and Sinking.
Total incomes for the city figure out to $3,804,770, whereas expenses total $3,778,470.
The city manages four funds: General, Debt Service, Utility, and Recreation. The budget will appropriate money to be transferred between these funds to offset costs. An equity transfer of $192,500 will be made from the General Fund to the Recreation Fund, a transfer of $56,000 from Public Works to Debt Service, and a transfer of $215,725 from Public Works to the General fund.
At the regular meeting, the council also discussed instituting a juvenile curfew. The previous order had been allowed to expire due to a lack of police to enforce it.
The discussion was tabled to be completed at a later date.