City Council approves 2012 budget
Budget includes No Property-Tax Increase, Major Street Improvements and Focus on Jobs and Safety in 2012
The Minneapolis City Council unanimously approved the City’s 2012 budget based on Mayor R.T. Rybak’s proposal, which included no increase to the City’s property-tax levy and investments in major street improvements.
The newly-adopted 2012 City budget makes a major new capital investment in street improvements and invests in the coordinated One Minneapolis initiative to reduce racial inequity in unemployment. The budget also maintains investments in public safety that have lowered violent crime citywide to historic lows, and eliminates no positions in the Fire Department.
The 2012 budget is 9 percent lower than it was 10 years ago, and will include 12 percent fewer fulltime positions. Since 2002, the City has paid down or avoided $183 million in debt and at the same time successfully restored its AAA credit rating.
Earlier this year, the Mayor and City Council approved a successful negotiation to merge two closed City pension funds with the State’s public-employee retirement system that averted a $20 million tax increase that would have been forced on taxpayers in 2012.
The 2012 budget also invests $150 million in street improvements over the next five years, 60 percent more than had been planned. The City will spend $9 million more in street improvements in 2012 than previously planned, and $23 million more in 2013.
Visit the City’s website for more information about the 2012 budget.
Published Dec. 15, 2011