Budget

FY2022 BUDGET:

 

The FY2022 General Fund Adopted Budget is $137,666,537.  All other funds total $210,283,489.

  

 

Adopted Budget

$ Increase/Decrease from Prior Year

% Increase/Decrease from Prior Year

FY2020

$142,629,337

N/A

N/A

FY2021

$135,391,703

-$7,237,634

-5.07%

FY2022

$137,666,537

$2,274,834

1.38%


 

MUNICIPAL PROPERTY TAX RATES:

 

The municipal property tax rates for the preceding two years, and each municipal property tax rate that has been adopted or calculated for the current fiscal year, include:


 

Tax Rate

FY 2019-2020

FY 2020-2021

FY2021-2022

Proposed Tax Rate

.364715

0.358928

0.367189

No-New-Revenue Rate

.349432

0.358928

0.359758

Voter-Approval Tax Rate

.386157

0.379481

0.367190

No-New-Revenue M&O Tax Rate

.309577

0.309123

0.300330

Interest & Sinking (Debt Service)

.051814

0.059539

0.056347

 

A tax rate of 0.367189 per $100 valuation has been adopted by the governing body of City of Midland.

 This proposed rate is greater than the no-new-revenue tax rate indicating the City is increasing property taxes for the 2021 year.  The rate of 0.367189 is effectively a 2.07% increase in the tax rate. 

 The no-new-revenue tax rate is the tax rate for the 2021 tax year that will raise the same amount of property tax revenue for City of Midland from the same properties in both the 2020 tax year and the 2021 tax year. This does not include revenue from new property added to the tax rolls.

 This budget will raise more revenue from property taxes than last year’s budget by an amount of $2,655,225 which is a 4.4 percent increase in tax dollars from last year’s budget. The property tax revenue to be raised from new property added to the tax roll this year is $1,448,981.

 

Property Tax

FY 2019-2020

FY 2020-2021

FY2021-2022

M&O Revenue

$48,269,249

$50,124,561

$53,495,114

Debt Service Revenue

$8,124,216

$10,000,620

$9,697,391

 

          

MUNICIPAL DEBT OBLIGATIONS

 

The total amount of outstanding municipal debt obligations is $158,697,414

   

CITY COUNCIL FY22 

TAX RECORD VOTE:

 

Patrick Payton

Mayor

Nay

Scott Dufford

Councilman District One 

Yay

John Norman

Councilman District Two

Yay

Jack Ladd

Councilman District Three

Yay

Lori Blong

Councilwoman District Four

Yay

Spencer Robnett

Councilman At-Large

Yay

Michael Trost

Councilman At-Large

Nay