The Tracy City Council set a 7% preliminary levy increase for 2024 during Monday’s meeting.
The City has budgeted for $9,477,869 in revenue and $9,475,733 in expenditures. The surplus was reduced after putting in money for the Central Park improvements. There were some small savings in salaries and new income from the FFA farm lease.
The total preliminary levy amount is $1,528,312 (a combination of $573,240, General Fund; $716,822 in debt service; and $238,250 in the Capital Fund).
“I’m going to support this resolution; I think it gives us some flexibility at the end of the year,” council member Seth Schmidt said. “I do hope that we can maybe cut a little bit off of the 7% when we finalize (the budget) in December.”
The final levy will be set at the Truth in Taxation meeting at 7 p.m. on Dec. 11. Until then, the preliminary levy amount can be lowered but can’t be raised.
See more in this week’s paper!