10/27/17 – City officials in Beaver Dam still have to trim over $70-thousand dollars from the proposed 2018 budget to meet state levy limit guidelines. Another $360-thousand dollars in changes would need to be made to qualify for the state’s Expenditure Restraint Program, which rewards municipalities that elect to keep spending under control. Last year, Finance Director John Somers moved county-funded library payments to a fund that did not affect tax levy limits. Somers says he is working on some accounting maneuvers that would help the city meet the restraint program again this year. If the city complies with the Restraint Program it would receive an additional $25-thousand dollars in state funds. The initial $16.2-million-dollar budget included a tax levy of $10.5-million dollars, an increase of $636-thousand dollars, or 6.4-percent, from the current budget. The mill rate before reductions were made on Monday was estimated at $10.39-cents per thousand dollars of assessed value. Last year’s mill rate was $9.92. Equalized property values in the city are up around three-percent to just over $1.1-billion dollars. Budget deliberations continue in committee on Monday.
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