A five cent property tax increase part of Livingston’s first reading of the new fiscal year budget.
Finance Officer Joel Parks presented the budget. Parks said the general fund for the new budget is expected to increase to some $3.8 million, with expenses over by some $373,000.
“When it’s all said and done, there might be additional grants that are not yet projected to be received in 25-26,” Parks said. “And also your expenses that are projected may not materialize or you may have more expenses.”
Parks said the excess expense is a charge against the budget equity, which sits at some $3.2 million. Parks said the remaining balance of some $2.8 million is strong.
The nickel increase the lowest amount recommended by MTAS. Parks said some areas of the budget would see increases under the current proposal.
“Water and sewer fund is projected to have a small increase of 21,000, all things being as they’re predicted,” Parks said. “And the gas fund too Is predicted to cover its own expense, cover all costs with the protected revenue.”
Parks said the street fund would cost an additional $1,550 against the equity, which is not substantial. Parks said the Drug Fund and the Industrial Development Fund will have little revenue to offset expenses.
Parks said the budget from fiscal year 2024-25 is awaiting amendments.
“If there have been unknown expenses that carries it beyond that approved budget, we have to amend the budget to correctly appropriate additional funds to cover the expenses that have been incurred,” Parks said.
Parks said the amendments can also be made to revenues in the event significantly more or less money comes in than initially projected. Parks said the final numbers from fiscal year 2024-25 are still to be determined, but they should be ready by the second budget reading on June 23.
