By Tia Lynn Ivey
City of Madison officials are reviewing the Fiscal Year 2020-2021 proposed budget that will be adopted at the end of June. The new budget is nearly $16.9 million dollars, about a $100,000 increase from the current year’s budget. According to city officials, the new budget is playing it safe in light of the coronavirus pandemic.
“The proposed budget has remained consistent and conservative, especially without knowing what COVID-19 would do to revenues,” said City Finance Director Karen Stapp.
The Madison Mayor and City Council heard the budget proposal in late May. The exact figure is $16,870,055. According to Stapp, the city intends to adopt the rollback millage rate later this summer to avoid property tax increases. Stapp is hoping the rollback rate will offset any increases in home values to keep most people’s property tax bill flat.
According to Stapp, the new proposed budget is very similar to the current year’s budget. “We wanted to stay consistent and conservative,” said Stapp. According to Stapp, in the proposed budget, the General Fund has actually decreased by $262,900 from the current year’s budget. “This is mainly due to the completion of capital projects and other items,” explained Stapp. Stapp also noted a new $300,000 CHIP housing grant is included in the new budget.
“Other than that, there’s really not much change from the FY 2020,” budget.
With the coronavirus pandemic still sweeping across the county, and medical experts warning of a second serious wave of the virus hitting in the fall, which could lead to another round of business closings and stay-at-home orders, city leaders were especially careful in crafting the upcoming fiscal year’s budget. “We just don’t know how it will affect revenues coming in,” said Stapp.
The Madison Mayor and City Council will review the budget again and listen to any input from the public next week. The public hearing for the FY 2020-2021 budget is set for Friday, June 19 at 8:30 a.m. The meeting will be held at the city’s meeting hall located at 160 North Main Street Suite 400 in Madison. The Madison Mayor and City Council is slated to vote on the budget on Friday, June 26 at 8:30 a.m. The adoption meeting will also be held at the city’s meeting hall.