September 18, 2022


Georgetown budget for Fiscal Year 2023 receives final approval 


By BRIGID COOLEY 

Georgetown City Council officially approved the budget for fiscal year 2023 during its Tuesday meeting. Fiscal year 2023 begins on October 1 of this year. 

“The adopted budget is going to help make sure city staff and programs can keep pace with Georgetown’s rapid growth and the increased demands on our infrastructure and resources that come with it,” Mayor Josh Schroeder said in a statement. 

The approved budget projects $722 million in total city expenditures and $698.9 million in revenues, which include incomes from taxes, utility services, fines, penalties, grants and donations. The city’s largest source of revenue are both sales and property taxes, which are anticipated to bring in $113,758,879 in revenue, representing 16.3 percent of project total incomes. 

The city’s property tax rate of $0.37400 per $100 valuation — which will be split into 13.2952 cents for maintenance and operations and 24.1810 cents for interest and sinking — was also approved on the consent agenda during the meeting. This is a 2.7 cent decrease to the FY 2022 tax rate but is projected to increase collected property tax revenues by 20.9 percent from last year’s budget. 

Despite the decreased tax rate, as well as a June decision to increase the city’s homestead exemption to $5,000 or 5 percent of a home’s value, the city projects the average property tax bill for homeowners will increase by $56. 

Total expenses are divided among the following uses: 

Use 

Total Dollar Amount 

Percent of Total Expenses 

Personnel 

$97,474,691

13.5

Operations 

$236,220,225

32.7

Operating Capital 

$16,353,165

2.3

CIP Expense 

$274,114,990

37.9

Transfers 

$26,789,866

3.7

Dept Services 

$71,342,632

9.9



Expenditures include funding for 79.5 new and overhire positions and an increase of average merit pay of 5 percent for city employees, which will be implemented in January. 

 

Meanwhile, total city revenues for fiscal year 2023 will be brought in by the following sources of income: 

Source 

Total Dollar Amount

Percent of Total Revenues 

Taxes

$113,758,879

16.3

Fines and Penalties 

$1,561,598

0.22

Investment Income

$966,343

0.14

Charges for Services

$269,442,792

38.5

Other Miscellaneous Revenues 

$49,825,839

7.12

Donations and Grants 

$31,669,490

4.5

Transfers In

$16,094,862

2.3

Transfers In - ROI

$10,615,004

1.5

Bond Proceeds 

$205,047,005

29.3


The proposed city budget was approved via a roll call of vote taken after the second and final reading of the item. It was approved 6-1, with District 3 Council member Mike Triggs dissenting.