Holton budget projects $76K more in revenue on unchanged mill levy

The proposed 2023 budget for the City of Holton will generate more than $76,000 in city taxes on a mill levy that remains unchanged from the city’s 2022 budget, it has been reported.

That increase in revenue generated on the proposed 59.117-mill levy, unchanged from the city’s 2022 budget, follows an increase in the city’s assessed valuation of more than $1.4 million, according to the proposed 2023 budget.

Public hearings on the 59.117-mill levy for the city’s proposed 2023 budget, as well as the city’s intent to exceed its revenue neutral rate for the year, will be held at 7 p.m. Tuesday, Sept. 6 at Holton City Hall, prior to the next regular Holton City Commission meeting. A public notice on the hearings appears in the Aug. 24 Holton Recorder.

The hearing on the city’s intention to exceed its assigned revenue neutral rate of 55.797 mills — calculated according to the city’s assessed valuation and the mill levy needed to produce the same amount of tax revenues generated during the previous year — is required by law and will be held prior to the budget hearing.

Members of the city commission received preliminary information on the proposed 2023 budget at their Aug. 1 meeting, when Overland Park-based financial auditor Mike Peroo, who noted that with the proposed budget, the city would generate $25,076 in taxes per mill, up from the $23,667 generated in the 2022 budget.

The city’s assessed valuation was up $1,408,243 from 2022, when the valuation was listed at $23,667,497, to 2023, when it was listed at $25,075,740.

Based on the 2022 valuation, the 59.117-mill levy was expected to generate $1,405,893. Based on the 2023 valuation, the same mill levy is expected to generate $1,482,403 — an increase of $76,510, or 5.4 percent, according to information provided by Peroo.

The total mill levy includes 51.805 mills for the city’s general fund, generating $1,299,054 in taxes; 1.312 mills for the city’s liability insurance fund, generating $32,904 in taxes; and six mills to support Beck Bookman Library, generating $150,445 in taxes.

For more on this and other stories, please log on to your holtonrecorder.net account and select Aug. 24, 2022 under “E-Editions.”