(Beaver Dam) The budget process got underway in earnest Monday night in Beaver Dam with the common council making its initial review of the proposed 2021 document. The 16.9-million-dollar budget includes a tax levy of $10.82-million dollars, which is a decrease of $45-thousand dollars from the budget adopted for the current fiscal year.
City Finance Director Zak Bloom says that the annual debt payments made with tax levy dollars is projected to decrease by nearly $235-thousand dollars to $2.66-million dollars. The council earlier this month approved a $5.9-million dollar borrowing plan for next year.
The budget qualifies for the state’s Expenditure Restraint Program, which financially rewards municipalities that keep their spending in check. Beaver Dam failed to capture Expenditure Restraint funds for this year because of an accounting error.
The 2021 budget is also compliant with state revenue limits, coming in over a half-million dollars below the $11-million-dollar limit ($11,082,683) that could legally be levied. The Operations and Maintenance portion of the budget totals $14.1-million dollars, an increase of $235-thousand dollars from the 2020 budget.
There is a two-percent increase for all non-represented city employees proposed in the budget, complementing a 2.5-percent wage increase in the contracts for police and fire personnel. Health insurance costs are increasing 7.5-percent.
No word yet on the mill rate, which last year was adopted at $9.83-per one thousand dollars of assessed value. Budget deliberations continue next Monday.