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The original item was published from 2/23/2023 10:25:00 AM to 2/23/2023 10:26:48 AM.

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City News

Posted on: February 23, 2023

[ARCHIVED] Geneva City Council Approves 2023-24 Budget

Budget

The Geneva City Council unanimously approved a $128 million 2023-24 fiscal year budget during its Feb. 6 meeting.  

The City's budget is a combination of 36 individual budgets, all having different purposes and different legal restrictions. Geneva’s fiscal year runs from May 1 to April 30.

Development of the annual budget is more than number crunching; the City’s budget reflects our vision, strategies and priorities. Highlights include the following:

  • Providing financial support to the City’s Strategic Plan Advisory Committee to spearhead the 2025 strategic plan update;
  • Expanding the City’s electric infrastructure to include the southeast master plan location and the expansion of the Geneva Business Park;
  • Researching opportunities to replace City vehicles with electric models;
  • Using $805,520 from American Rescue Plan Act funds to pay for stormwater projects, a facility master plan and lead water line replacement; and

Dedicating $1.8 million for capital projects and equipment purchases.

The City continues to maintain a strong credit rating of Aa2, which was reaffirmed last fall.

The City accounts for an estimated 6% of a resident’s overall property tax bill. What does this mean for homeowners? A home valued at $350,000 will pay approximately $567 to the City of Geneva, an increase of about $3 from the current fiscal year.

Elected officials and City staff are committed to a balanced and fiscally sound budget plan that will continue to provide high-quality public services, support the vision outlined in the strategic plan, and manage challenges that each new year brings.

The budget, strategic plan and other financial documents are available to view on the City’s website.

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