Fiscal Note
The 2024 tax levy established by this resolution is necessary to fund the 2025 budget. This levy will result in a tax rate of approximately 7.31 mills.
This resolution includes a paragraph authorizing the application of general debt reserves to pay general fund debt service without an appropriation of an equal amount from the general fund for capital projects. That paragraph must be separated during budget adoption and requires an affirmative two-thirds vote of the Council, pursuant to section 4.17, Madison General Ordinances.
The resolution includes reference to a Five-Year Operating Budget plan that is meant to guide the development of future operating budgets and present the implications of revenue limitations imposed by the State Legislature on local governments.
This resolution also sets the authorized maximum amount of intra- and inter-departmental transfers at $50,000 in 2025, which is the same level as in 2024, and reauthorizes for 2025, procedures to make changes to positions within the approved operating budget, pursuant to RES-24-00181.
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SUBSTITUTE: Adopting the 2025 City Budget authorizing a 2024 general property tax levy of $318,100,323 for City of Madison purposes, adopting a supplemental increase of $14,042 in the allowable property tax levy for 2024, as authorized under s. 66.0602(3)(f), Wisconsin Statutes, and declaring the City's official intent to issue general obligation bonds or promissory notes and revenue bonds to reimburse for certain expenditures authorized therein.
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The 2024 tax levy established by this resolution is necessary to fund the 2025 budget. This levy will result in a tax rate of approximately 7.31 mills.
Adopting the 2025 City Budget, including a Five-Year Operating Budget Plan, authorizing a 2024 general property tax levy of $318,100,323 for City of Madison purposes, adopting a supplemental increase of $14,042 in the allowable property tax levy for 2024, as authorized under s. 66.0602 (3) (f)...
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