Budget
FY2022 BUDGET:
The FY2022 General Fund Adopted Budget is $137,666,537. All other funds total $210,283,489.
| Adopted Budget | $ Increase/Decrease from Prior Year | % Increase/Decrease from Prior Year |
FY2020 | $142,629,337 | N/A | N/A |
FY2021 | $135,391,703 | -$7,237,634 | -5.07% |
FY2022 | $137,666,537 | $2,274,834 | 1.38% |
MUNICIPAL PROPERTY TAX RATES:
The municipal property tax rates for the preceding two years, and each municipal property tax rate that has been adopted or calculated for the current fiscal year, include:
Tax Rate | FY 2019-2020 | FY 2020-2021 | FY2021-2022 |
Proposed Tax Rate | .364715 | 0.358928 | 0.367189 |
No-New-Revenue Rate | .349432 | 0.358928 | 0.359758 |
Voter-Approval Tax Rate | .386157 | 0.379481 | 0.367190 |
No-New-Revenue M&O Tax Rate | .309577 | 0.309123 | 0.300330 |
Interest & Sinking (Debt Service) | .051814 | 0.059539 | 0.056347 |
A tax rate of 0.367189 per $100 valuation has been adopted by the governing body of City of Midland.
This proposed rate is greater than the no-new-revenue tax rate indicating the City is increasing property taxes for the 2021 year. The rate of 0.367189 is effectively a 2.07% increase in the tax rate.
The no-new-revenue tax rate is the tax rate for the 2021 tax year that will raise the same amount of property tax revenue for City of Midland from the same properties in both the 2020 tax year and the 2021 tax year. This does not include revenue from new property added to the tax rolls.
This budget will raise more revenue from property taxes than last year’s budget by an amount of $2,655,225 which is a 4.4 percent increase in tax dollars from last year’s budget. The property tax revenue to be raised from new property added to the tax roll this year is $1,448,981.
Property Tax | FY 2019-2020 | FY 2020-2021 | FY2021-2022 |
M&O Revenue | $48,269,249 | $50,124,561 | $53,495,114 |
Debt Service Revenue | $8,124,216 | $10,000,620 | $9,697,391 |
MUNICIPAL DEBT OBLIGATIONS
The total amount of outstanding municipal debt obligations is $158,697,414
CITY COUNCIL FY22
TAX RECORD VOTE:
Patrick Payton | Mayor | Nay |
Scott Dufford | Councilman District One | Yay |
John Norman | Councilman District Two | Yay |
Jack Ladd | Councilman District Three | Yay |
Lori Blong | Councilwoman District Four | Yay |
Spencer Robnett | Councilman At-Large | Yay |
Michael Trost | Councilman At-Large | Nay |