No public feedback was received as Lake View city officials finalized their Fiscal Year (FY) 2024 budget. At Monday’s meeting, the Lake View City Council held a hearing on the proposed budget. According to City Administrator Scott Peterson, the property tax levy stands at $7.49 per $1,000 of taxable assessed valuations. The levy is up 23 cents from the previous Fiscal Year, which stood at $7.26. Peterson says the change is minimal, but several factors lead to the increased rate.
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Peterson notes Lake Views’ property tax rate is one of the lowest in the county. He says Lake View is looking to collect roughly $7.9 million in revenue while they are budgeted for approximately $8.8 million in expenditures. Peterson notes spending is up in FY24 due to some large-scale projects in the budget.
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FY24 budget due dates were pushed back to April 30 due to an error in the property rollback formula. Peterson says the city was budgeted to lose approximately $20,000 due to the mistake.