City Council adopts 2020 City budget
The City Council and Mayor Jacob Frey have approved a roughly $1.5 billion City budget for 2020.
Of the total City budget, about 20 percent is funded through property taxes. The budget includes a 6.95% increase in the property tax levy compared to 2019. A Minneapolis homeowner who has a property with an estimated value of $264,500 will see an increase to their City taxes of approximately $109 for 2020 compared to 2019.
Highlights of the adopted 2020 City budget:
· $31 million in City funding for affordable housing, including a three-year commitment to fund the Stable Homes Stable Schools initiative, which provides housing to Minneapolis Public Schools families at risk of and currently experiencing homelessness.
· $2.73 million for the City’s violence prevention efforts and a $2.3 million investment to boost the Minneapolis Police Department’s sworn officer capacity.
· New investments in sustainability and climate action work, including $2.3 million for energy efficiency upgrades for the Minneapolis Public Housing Authority (MPHA) and a direction to prioritize adding sprinklers.
· More than $1 million in funding to designate six new Cultural Districts: Franklin Avenue, West Broadway, East Lake Street, 38th Street, Central Avenue and Cedar Avenue. The goal is to accelerate economic development and affordable housing strategies in these areas, which are some of the city’s most vibrant and culturally diverse.
· $2.7 million for the new Commercial Property Development Fund, which will provide capital for commercial real estate development in Cultural Districts
Learn more about the City’s budget at minneapolismn.gov/budget.
Published Dec 12, 2019