After discussion, the council approved the maximum allowed for the 2020 tax rate of $1 per $100 assessed valuation for the general fund and $1 per $100 for the street fund. These rates will be sent to the state for final approval. Last year’s rates were 98.59¢ per $100 assessed valuation for both general and street funds.
The assessed valuation for 2019 was $1,846,605. This year the assessed valuation has dropped to $1,799,346. Estimated income for both funds is $17,993.46 each.
The July 1, 2020, to June 30, 2021, budget was presented to the council. The work of City Clerk Meagan Morrow and Quickbooks Consultant Don Erickson, the budget was in a different form than normally presented as it utilized the program purchased by the city.
The budget was based on prior years actual income and expenditures. Corrections were made as it did not show grants received by the city for projects nor expenses for those projects. Erickson suggested work begin on the 2021-22 budget before the end of the current fiscal year. He also suggested the city look at raising the water rates as -$10,372 is projected for this year and the city water income has been negative the past two years.
With corrections, the budget was passed with 2020-21 projected amounts of $248,761 income and $223,725 in expenses.