The Beloit City Council met on Monday night, and the majority of the meeting revolved around the budget.
The city's Capital Improvement Budget will rise by more than 50% in 2022 to in excess of $149 million. The General Fund budget will total $35.2 million and will be divvied up in the following:
- 60% combined police and fire; 18% Public Works; 12% Finance and Administration; 7% General Government; 3% Community Development
This is an increase of 3%.
The Enterprise Fund Budget will increase by a combined total of $851,315 or 4% to $20.7 million while net new construction increased from 1.95% to 8.67%. Shared Revenue is flat, and there is no increase or decrease in highway aid, while Personal Property Aid Payment is $198,773. Assessed and Equalized Values are 7.95% and 22.26% respectively.
Municipal Property Tax Levy increased by $1,011,024 or 6.16$ with $100,000 attributed to debt service; this is restricted by levy limits. There was also a proposed $.25 increase in stormwater fee from $3.50 to $3.75. Special Revenue Funds will increase by 41% and the combined WO/TIF tax levy is 6.91% or about $.80.
Lori Luther asked residents to be patient. It was announced that there will be a workshop on October 11 at 10 AM to go over the budget, followed by a Public Hearing one week later, and the consideration of adopting the budget on November 1.