-
The new FY 2022-2023 budget and future finance plans include a strong focus on investing in the water and sewer structure improvements needed to ensure reliable, quality service to a growing community. COURTESY PHOTO
A New Year begins at City Hall on October 1 when the Fiscal Year 2022-2023 Budget approved by City Council at its September 6 meeting becomes effective.
After months of planning by City Council and staff and receiving citizen input, we are excited to move forward with new initiatives and continue with existing projects.
The tax rate in the FY 2022-2023 budget decreases .0047% from .3620 to .360285. This is the third consecutive year the City’s tax rate has been lowered. In previous years, the City maintained a tax rate of 0.3712 for two years and maintained a rate of 0.3437 four years prior to that.
Last month after we published information about the proposed budget, I received a good question from a citizen that is worth repeating to help clarify taxation for others. The reader commented that my statement regarding the reduced tax rate could mislead taxpayers into thinking that their taxes will be less in the coming year.
The answer is that the tax rate for 20222023 is slightly less than 2021-2022. It however represents a 2.77% increase due to the increase in property values next year over this year. Council works hard to address the fact that property values are increasing by keeping the new tax rate as low as possible to lessen the impact on citizens while still providing a balanced budget that includes the services, operations and maintenance required by a city of our size.
The FY 2022-2023 budget continues important investments in our water and sewer system, including expanding city service to more the 512.9 acres recently annexed north of the City to support development that will bring up to 1,400 much-needed new homes into our community.
We will also continue to upgrade and repair our street infrastructure. Quality of life investments include the renovation of the Civic Center beginning in the Winter of 2023, the opening of the new Community Center at Oaklawn Park in the Spring of 2023, and ongoing façade grants for our Downtown Main Street merchants.
The approved budget reflects a commitment to recruiting and retaining staff by ensuring competitive compensation rates. A compensation study was done in FY 2020 and staff were given a market adjustment and brought onto the new compensation plan. (Employees did not receive a raise for FY 2021 due to the COVID-19 Pandemic.)
In the 2022-2023 budget year, staff including Police and Fire personnel have been placed on the new plan that was developed in FY 2021 and given a market adjustment based on inflation. I am pleased to report that this adjustment has already been made citywide along with improved healthcare benefits at a decreased cost to both the city and employees.
As always, we thank everyone who has contributed to this process, beginning with Mayor Tracy Craig, Sr. and the council and the citizens who took time to share their input.
If you have any questions, I welcome your calls or email at 903-575-4000 or ethatcher@mpcity.org.