The 2018-19 fiscal budget was unanimously approved by the Decorah City Council Monday night.
There were no comments during the public hearing on the budget that decreases the city property tax rate.
The rate for fiscal 2018-19 budget will be $14.08 per $1,000 of taxable value; the current property tax rate is $14.14.
City Manager Chad Bird reported the city’s taxable value has increased by 8.4 percent or $27,066,549 this year. The previous year values increased by 1.8 percent or $5,695,922 and the year before they increased by 3.5 percent or $10,634,768.
Expenditures for the upcoming fiscal year total $10,819,341.
The city’s debt levy will be $1.67 per $1,000 of taxable value, down from $1.83 per $1,000. The levy includes $1 for the Highway 9 water and sewer utility project, 48 cents for the Decorah Fire Department’s aerial ladder truck and 19 cent for the Department’s Engine One truck, according to Bird.
The fiscal 2019 budget also includes a 10 percent increase for water rates and a 3 percent increase for sewer rates. However, Bird said city staff members are recommending a 30 percent increase in water rates and a 25 percent increase in sewer rates “to overcome the stagnant growth in revenues which have plagued the utility funds for several years.”
Bird said future Council action would be needed to consider increases beyond the 10 percent and 3 percent increases budgeted.