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Tuesday, August 14, 2018

Prescott City Council begins work on 2019 budget

The Prescott City Council began to tackle the 2019 city budget at its meeting Monday evening held at the City Building.

The discussion over the city’s projected budget numbers and the process it will take to come up with a budget took a little over an hour of the hour and half-long meeting (all members of the council were present along with mayor Dave Hovel, City Administrator Jayne Brand and City Finance Director/Treasurer Vanessa Norby). 

Norby stated the net new construction for the 2018 levy payable for the 2019 budget is 1.2 percent, which, under state law, the city can raise the levy in equalized value. However, even with a 1.2 percent increase, the city’s mill rate will decline to 7.43 per $1,000 in assessed value, which is below the mill rate of 7.64 for the 2018 budget. A zero levy increase would set the mill rate at 7.34 percent but if cities do take less than the net new construction percentage they cannot use it in future years if needed. Last year saw a 0.35 percent increase in the levy, its lowest since 2015.

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