On Tuesday, the Jefferson City Council will hold a public hearing in regards to the next fiscal year budget.
City Administrator Mike Palmer says the overall tax levy is projected to see an increase compared to the current fiscal year, of $0.41 per $1,000 of property valuation to $15.32. Palmer explains the main reason for the increase is due primarily to lower commercial property valuations.
“So we have less to draw on. That’s the one thing that we always are striving to do is increase our valuations because as those valuations go up, that we can draw on, our tax rate would continue to go down. We do have a lot of commercial (properties) but hopefully this is kind of a one time adjustment on the commercial valuations. We don’t have a lot of control on how those are evaluated.”
The overall tax levy is made up of two funds, including the general fund, which is proposed at $12.90 per $1,000 of valuation, and the debt service levy, which is proposed at $2.42. The city is projecting that revenues will outpace expenses by just over $11,000. The public hearing will be at 5:30pm on March 8th and the Council will consider adopting the budget following the hearing. Click the link below to access the proposed budget.