(Seguin) — The city of Seguin is putting the finishing touches on its proposed budget and tax rate for the coming fiscal year.
The Seguin City Council on Tuesday voted to adopt a tax rate of 51.25 cents per $100 of property valuation. The new tax rate is one cent less than the current property tax rate in the city of Seguin. The tax rate will cover the city’s debt and provide the necessary funding to cover the maintenance and operation expenses in the city’s general fund budget. The general fund budget calls for expenditures of just shy of $50 million, which is approximately $6.6 million more than the budget adopted at this time last year. Most of that increase is tied to an increase in salary costs.
The council also approved the city’s utility fund budget. The proposed utility fund budget includes expenditures of $66 million, which is also about $6 million more than the previous year’s budget. The utility fund budget is funded by electric, water and sewer customers in the city. The city was not recommending electric increase next year, but an increase in water and wastewater rates was included in next year’s budget.
The budget and tax rate were all approved on first reading. A second and final reading will be required before they are formally adopted. The city’s 2023-24 fiscal year officially begins on October 1.