The city of Woodstock will have slightly lower budgeted expenditures and slightly higher revenues in the next fiscal year if the City Council approves the budget presented to them March 21.
In all, the proposed budget calls for the city to spend $32.04 million in the 2017-18 fiscal year, which begins May 1. In 2016-17, the city budgeted $32.43 million for expenses, although officials project actual expenditures to be closer to $30.72 million when the fiscal year ends April 30.
“[The budget] is founded upon discussions that we’ve had at a couple different workshops … plus the [Capital Improvement Program],” Mayor Brian Sager said.
On the revenue side, the city anticipates collecting $32.61 million, an increase over the previous fiscal year’s forecasted revenue — $32.30 million — and its actual projection of $32.56 million.
The draft budget includes revenue from a home-rule sales tax that has yet to be voted on by the City Council.
If implemented, the new tax would tack on an additional percentage point to the city’s portion of the sales tax, raising the total rate to 8 percent on general merchandise.
City officials have said the proposed home-rule sales tax would bring in an additional $2.34 million in annual revenue, although next year’s budget includes just a portion of that total because the hike, if approved, would not go into effect until Jan. 1, 2018.
In all, the 2017-18 budget shows sales tax revenue rising to $4.88 million in the next fiscal year, up from this fiscal year’s budget of $3.74 million and the projected actual amount of $4.27 million.
A budget hearing is set for the Tuesday, April 4, City Council meeting. The council is expected to vote on the budget Tuesday, April 18.
To view the budget in its entirety, visit woodstockil.gov/finance/page/budgets.