A proposed mid-biennium budget adjustment would provide a property tax rate cut for Lincoln residents and make investments in growing a safe and successful community according to Lincoln Mayor Leirion Gaylor Baird.
Adjustments made at the biennial budget midpoint are based on actual revenues versus projections, contract obligations from renewed City personnel contracts and newly emergent needs. The Mayor says the mid-biennium adjustments are based on a three-point plan: lowering the city tax levy by a total of $6 million and adding $8 million to both operational and infrastructure spending.
Gaylor Baird says the $6 million tax rate cut cut is the largest made by the City in 20 years. “The proposed mid-biennium budget adjustments reflect the City’s ongoing commitment to public safety, economic vitality, and strong infrastructure, as part of our work to grow a more prosperous and vibrant community,” Gaylor Baird says. “The record-setting business and development activity and strong economic growth we’re currently experiencing allows us to make these important investments in operations and infrastructure while providing a historic tax rate cut.”
The City Council public hearing on the Mayor’s proposed budget adjustments is Monday, August 14 and the Council is scheduled to vote on the budget adjustments August 21. The City adopted a two-year budget in August 2022. Adjustments made at the biennial budget midpoint are based on actual revenues versus projections, contract obligations from renewed City personnel contracts and newly emergent needs.
Click here for a break down of the three-point plan.