Germantown leaders consider budget, tax increase amid ‘looming recession’
Germantown leaders will give final consideration to their budget Monday. The financial plan includes a property tax increase.
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Germantown leaders will give final consideration to their budget Monday. The financial plan includes a property tax increase.
With initial reports from the Shelby County Assessor, Germantown has a better idea of its tax rate ahead of aldermen’s review of the budget.
The citizen-led finance commission is weeding through each portion of the city’s budget before aldermen consider it.
Germantown officials are recommending maintaining the city’s current property tax rate, but an increase in the cost of utilities is proposed.
The city is expecting a 15% increase in its operating costs, but 56% of the spike is related to personnel.
Germantown hosted a seven-hour vision session Saturday in which it discussed the budget, bluebirds and vaccines.
Germantown will begin discussing its budget for the 2022 fiscal year in January. Sales tax has been better than projected in recent months.
Germantown’s total sales tax revenue for the 2019-20 fiscal year was on budget, the city reports, although COVID-19 made the picture "murky."
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