Geneva News

Posted on: April 9, 2018

City Council Adopts 2018-19 Fiscal Year Budget

Budget

The Geneva City Council approved the 2018-19 budget April 2, and here are some highlights of the upcoming fiscal year spending plan that starts Tuesday, May 1.

The City’s budget is actually a combination of 37 individual budgets, all having different purposes and different legal restrictions. The total budget is about $103 million of which $18.9 million comprises the General Fund. The General Fund accounts for resources traditionally associated with the City’s operations such as Administration, Police, Fire, Community Development, Economic Development and Public Works.
 
The City will be investing nearly $10.3 million in the next fiscal year for upgrades to the Wastewater Treatment Plant. In addition, as a result of the successful referendum for an additional 0.5 percent non-home rule sales tax, the City will be able to fund nearly $1.7 million in general capital and capital equipment expenditures. The new revenue will help replace aging police cars, fire engines and dump trucks as well as facility repairs.  In addition, a transfer also was made to the capital equipment fund to provide “seed” money for funding future capital equipment.
 
The property tax rate also decreased this budget year from .708654 to .605410. This means a home that sees no change in valuation will see a decrease in their overall property tax bill paid to the City. For example, a home valued at $350,000 paid $826 in property taxes to the City. This year, that same home valued at $350,000 will pay $706. The City’s portion of an overall Geneva property tax bill is about 7 percent.
 
Elected officials and staff are committed to a balanced and fiscally sound budget plan that will provide high quality public services while managing the challenges each new year brings to Geneva.
 
As in the past, City staff will continue to provide monthly financial updates to the City Council and the public at City Council meetings. A copy of the fiscal year 2018-19 budget is available on the City’s website. For questions or comments regarding the City’s budget, please contact City Administrator Stephanie Dawkins at 630-232-7494 or via email.

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