The City Council will hold a public hearing Wednesday on the Fiscal Year 2019 proposed budget of $209.95 million at Wednesday’s Committee of the Whole meeting.
The
balanced budget maintains the current property tax rate of $16.78 per $1,000 of assessed value and includes nearly $41 million in capital improvement projects.
Taxable value in the City of Davenport will increase by 5 percent in the FY 2019 Budget allowing the City to cover rising costs primarily due to general wage increases and health insurance costs without reductions as in the last few fiscal years.
Commercial property is growing at a more sustainable rate in Davenport with a 13.61 percent taxable valuation increase over FY 2018. The residential rollback will decrease 1.32 percent in FY 2019 which is expected to lower the tax payment for a median Davenport home by 2.3 percent, or $24 over FY 2018.
This budget continues the city's practice of creating two-year budget plans. Two-year budget plans have proven successful in increasing fund balances and providing for long-term budget planning. The six-year Capital Improvement Plan includes more than $208 million of capital projects.
Solid waste and clean water fees will increase 3 percent while the sewer fee will go up 7 percent in FY 2019.