Mayor Frey outlines proposed 2019 City budget
Mayor Jacob Frey presented his recommended 2019 City budget to City leaders today – a budget that includes a significant increase in funding for affordable housing programs.
The City Council will begin reviewing the recommended $1.55 billion budget, hold a series of budget presentations September and October and vote on adopting a budget Dec. 5. The Board of Estimate and Taxation is scheduled to hold a public hearing to set the maximum property tax levy at 5:05 p.m. Wednesday, Sept. 12.
The recommended budget includes a 5.63 percent tax levy increase. The City’s revenues come from a variety of sources with property taxes accounting for about 23 percent of the budget. The City’s tax base has increased by more than 10 percent between 2018 and 2019 and the proposed levy increase is less than 6 percent, resulting in the overall tax rate going down.
A few highlights of the mayor’s proposed budget include:
· $40 million in City funding for affordable housing programs, including $21.6 million for the Affordable Housing Trust Fund.
· A $660,000 investment in the Group Violence Intervention program led by the Health Department, which brings law enforcement, social service providers together with youth to help find a positive path away from gun violence.
· $350,000 toward ensuring an accurate count for the 2020 Census.
· $500,000 for Village Trust, the state’s only black-owned cooperative and community development institution in Minnesota.
· $4.4 million to repair defective or hazardous sidewalks.
Published Aug 16, 2018