The Thief River Falls City Council tonight is poised to adopt a proposed 6.48% tax levy increase, that is not expected to impact property tax payers.
City Finance Director Angie Phillip says like last year, the proposed levy is calculated to be absorbed completely by growing tax capacity, meaning if the numbers are accepted at tonight’s City Council meeting, city revenue will increase by some $ 128,747, absorbed by growth citywide with no increase to individual property owners.
At the same time, city leaders are expected to adopt the preliminary 2018 City Budget, some $ 33,774,953 with $ 33,365,945 in expenditures, that positive fund balance currently leans on a transfer of more than $ 243,021 in reserves. Phillip says Department Heads and the City Budget Committee continue to work at that number, hoping by the end of the year to whittle it down to zero.
As part of the budget process, city finances pick up a good deal of income from enterprise funds, that includes Electric, Storm Water Utility, Wastewater Utility and City Liquor as well as Debt Service.