Germantown approves budget, makes first purchases for new fiscal year
“From an alderman standpoint, this is the most important job we have,” Alderwoman Mary Anne Gibson said of approving the budget. (Mark Weber/The Daily Memphian file)
Germantown adopted its $209.7 million budget Monday evening, June 24, on the third of three required readings.
The budget is one of the most pivotal decisions city leaders make annually. It funds day-to-day operations and outlines elected officials' vision and priorities for the next year. The suburb’s fiscal year runs from July 1 until June 30, 2025.
“From an alderman standpoint, this is the most important job we have,” Alderwoman Mary Anne Gibson said. “To be good stewards of the money that comes before us to make sure it’s balanced (between) needs and wants of the community” and to ensure its expenses do not exceed revenues.
The city’s budget does not include a tax increase. It will remain at $1.8382 per $100 assessed value. For a house appraised at $400,000, annual taxes would total less than $1,850. When the city adopted the rate in 2023, it was expected to last two years.
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Abigail Warren
Abigail Warren is a lifelong resident of Shelby County and a graduate of the University of Memphis. She has worked for several local publications and covers the suburbs for The Daily Memphian.
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