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.
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.
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.
