The Victoria City Council recently approved a preliminary 2022 general fund budget that calls for a 5.43% tax levy increase.
The council, at its Sept. 13 meeting, was given two options, electing to go with one that includes $6,800 for city staff to work on endeavors to increase the city’s commercial tax base.
The proposed 2022 tax levy of $6,635,182 and general fund budget of $6,558,545 can be altered before final figures are approved at the council’s Dec. 13 meeting, according to city Finance Director Trisha Pollock.
The proposed tax rate increase would amount to a city tax rate of about $1,550 on a median-valued home ($491,000). That compares, respectively, to 2021 actual figures of $1,421 on a $441,300 home in 2021.
The 2022 general fund expenditures include, in part:
- $40,000 for redistricting and legislative changes.
- A total of $116,974, or 2.5% increase, for staff wages.
- $255,754 for two new full-time positions and benefits (IT and city planner).
- A total of $27,605 for health insurance and property/liability insurance increases.
- $22,000 more for park and trail maintenance.
The financial report included a number of current and projected statistics for the city, including:
- The 2020 population was 10,546 and is projected to be 14,723 by 2030.
- A median-valued home in 2020 was $439,300 and is projected to be $621,984 in 2030.
- The taxable market value in 2020 was $1.7 billion and is projected to be $3 billion in 2030.
- The number of households in 2020 was 3,145 and is projected to be 4,561 in 2030.