Rockville's mayor and council will consider a $112 million operating budget for fiscal 2014, which increases city spending by 4.5 percent.
City Manager Barb Matthews will formally introduce the budget Monday for fiscal 2014, which begins July 1. The council is expected to adopt a budget by May 20.
Here are some highlights:
- Rockville residents’ property tax rate would stay the same—at 29 cents per $100 of assessed value, where it’s been since 2009.
- The city’s $67.5 million construction budget would focus on maintaining the city’s aging infrastructure.
- Residents would pay more for water, sewer and stormwater management. The garbage bill would stay the same, at $372.
While city officials would not offer specific details ahead of Monday’s budget presentation, Budget and Finance Manager Stacey Webster said the budget reflected feedback from the mayor and council after a budget preview in February.
What is known is that the city will have more property tax revenue to work with in 2014 that once projected.
Property tax revenue makes up more than half of the city’s general fund budget, the portion of the city’s operating budget used to fund the majority of the city’s daily functions.
Up until January, the city thought it would have to raise property taxes or cut services to close a $2.6 million gap between expenditures and general fund revenues. The prediction came after the state tax department reassessed a number of Rockville properties in 2012.
Property values had decreased by 4 percent.
But an unexpected increase in tax revenue changed that outlook in January, when more homes were reassessed.
Rockville’s total taxable assessment increased by 3 percent, bringing the total tax revenue to about $36 million, city records show.
City staff also estimated that income tax revenue would increase by $200,000 over the 2013 adopted revenue of $11 million, city records show.
The Rockville City Council meets at 7 p.m. on Mondays at City Hall. The meeting is broadcast live on Rockville 11.
Resources on the Web
- The proposed fiscal 2014 budget will be available Monday night on the city's website, at www.rockvillemd.gov/budget.
- The fiscal 2014 budget preview from February is also posted at the city’s website.
- Rockville Patch coverage of of the Feb. 11 budget preview can be found here.
- March 18: Presentation of proposed fiscal 2014 budget and introduction of ordinances and resolutions.
- April 1: Budget public hearing No. 1.
- April 8: Mayor and Council budget work session No. 1; Constant Yield Tax Rate public hearing.
- April 15: Public hearing No. 2; work session No. 2.
- April 29: Public hearing No. 3; work session No. 3.
- May 6: Work session No. 4; final direction to city staff.
- May 20: Mayor and Council adoption of the budget.