(Atlantic) The Atlantic City Council Wednesday evening approved the Fiscal Year 2024 Budget following a public hearing in which there were no comments.
The proposed budget for FY 2024 totals $14,794,803. This is an increase of 4.36% or $618,676 from the FY 2023 budget of $14,176,127. City Administrator John Lund said while this may seem like a modest change in budget, however, the one-time American Rescue Plan funding of $488,970 and unusually high local option sales tax dollars of $1,337,372 in the FY 2023 budget, which are not present in the FY 2024 budget, disguise several new structural revenues, new structural revenue losses, and new structural expenditures.
A few components of this budget include: The City’s combined property tax levy will increase from $16.56 to $16.79 to favorably position the City if the Iowa State Senate’s version of property tax reform is implemented. The overall budget accomplishes key priorities of the Mayor and Council in funding for community beautification, housing economic development, and code enforcement support. And, a seven percent increase in compensation to all City employees, including an MOU allowing unionized employees to see this benefit.
At the end of the meeting, the Council presented City Administrator John Lund with a Gold Star Award plaque thanking him for all of his hard work.
The Council also approved the FY24 Ten Year Capital Improvement Plan following a public hearing in which there were no comments. Capital planning covers all the physical assets of the City, major equipment, parks, streets, alleys, storm sewer system, wastewater system and plant. The FY24 Capital Improvement Plan calls for $21,926,523. Of that, $8,375,000 is financed by new debt. That is a reduction in debt financing by $1,625,000 and $3,548,950 in total capital improvements required. The largest component of this plan is the street improvement schedule.
Along with the budget, the Council passed a resolution adopting wages for seasonal parks and recreation and pool employees and a resolution setting salaries for appointed officers and employees of the City of Atlantic.
