Hoyt proposes 10-mill increase

The Hoyt City Council is proposing a 10-mill increase in the city’s budget for 2017. 

City council members are proposing a total of 51.936 mills for the next year, which is a 10.108-mill increase from the 41.828 mills used to fund last year’s budget. 

According to city council members, the reason for the increase is two-fold. The increase will assist in the payment of ongoing water and sewer obligations, as well as to fund future street and infrastructure maintenance, it was reported.

In 2015, the city’s mill levy was also set at 41.828 mills. 

The total tax revenue budgeted is $706,101 for 2017, and $281,710 of that amount will go to the city’s general fund.  

The assessed valuation of Hoyt increased this past year from $2,974,937 to $2,995,619

In 2015, the valuation was set at $3,004,627.  

According to the budget, Hoyt has $1,182,378 in outstanding indebtedness, including $345,000 in general obligation bonds, $35,261 in lease purchase principal debt and $802,117 in other debts. 

The city council has set a hearing for the budget at 7 p.m. Tuesday, Aug. 2, at the city hall. Detailed budget information will be available at the meeting for interested members of the public. 

The proposed budget is published on page 15 of today’s edition of The Holton Recorder.