The Riverdale City Council voted unanimously to set a maximum, general tax levy for the coming fiscal year at $400,000. This number is based on the recommendations made by Mayor Mike Bawden during his budget presentation at the “Max Levy Hearing” conducted during the meeting on February 25th.
Although the City Council had approved a much larger levy earlier in the year – in order to allow the City staff to move ahead with posting a public notice for the 02/25 hearing, the intention was to have a much more closer estimate of the actual tax levy required for FY21 by the time of the public meeting. That original levy ($681,590) was approximately 70% higher than the max levy actually authorized by the Council.
FY21 Levy May Be Even Lower
During the budget presentation, the Mayor explained the actual levy required to make the numbers work for the coming fiscal year may be closer to $330 – $335,000, but upon the recommendation of Interim City Administrator, Lisa Kotter, the Council agreed to set the levy a little higher to provide some flexibility as the budget continues to be finalized.
As shown in the chart (below), the tax levy for the current fiscal year was $317,159 and the current budget shows an increase of only $14,000 (approximately $.23 per thousand dollars of assessed valuation after the state rollback). If these numbers hold up, the average home in Riverdale would see only a $23 per year increase in their city property taxes.
A complete copy of the presentation made at the Max Levy Hearing can be found here.
The Mayor explained that he would be working with the City’s accounting firm on March 10 to create a near-final draft of the budget that will then be made available for an in-depth review by the public at a meeting to be held later that week. That budget, plus notes from the public meeting, will be posted to the City’s website for review.
The final, draft version of the budget will be presented for review and discussion at the town hall meeting on Sunday, March 22 (at 2pm) and then again at the public budget hearing on Tuesday, March 24th (at 7pm).
The City Council will consider approving the final version of the budget as presented or in an amended form at their regular meeting following the public hearing. If needed, the City Council can delay their consideration for a week to allow the Mayor to revise and re-present a final draft of the budget for consideration at a meeting on Monday, March 30.
An approved budget for FY21 is due to the Scott County Auditor for certification on March 31.