At the first of four budget workshops, the city reviewed their overall proposed budget with $443 million in expenditures and $446 million in revenues, a slight increase in both areas from last year’s budget.
Also on the rise could be Naperville’s annual property taxes based on increased values of homes.
“Overall impact is about $50. Last year the total levy was about $860 per household, that’s assuming a value of a $380,000 home. With the increases that were seeing in assessed valuation we do anticipate that the property tax value will go up to about $400,000 per home,” said Rachel Mayer, Finance Director for the City of Naperville.
Financial instability at the state level also impacts Naperville’s budget when compared to other cities.
“When we met with the ratings agencies, one of the things that they said is that the fact that we are a municipality in this state puts us in a lesser position than a municipality outside of the state. However, because we are a AAA bond-rated community we make up that difference,” said Mayer.
But news on the local front was more positive. Local unemployment numbers are dropping and Naperville continues to see economic booms.
“We do continue to see some growth in our community whether it be the Water Street District, Naperville Crossings, Atwater Subdivision and Sedgwick Subdivision, so overall the local economy does seem to be thriving and it is something we are proud of overall,” said Mayer.
A final decision on the property tax rate and other budgetary items are expected late fall.
The next budget workshop will be held November 14.
Naperville News 17’s Alyssa Bochenek reports.
WANT TO STAY INFORMED?
Get daily news headline stories delivered right to your inbox!Sign Up Today!