The Geneva City Council unanimously approved a $112.7 million 2022-23 fiscal year budget during its Feb. 7 meeting.
The City's budget is a combination of 36 individual budgets, all having different purposes and different legal restrictions. Geneva’s fiscal year runs from May 1 to April 30.
Development of the annual budget is more than number crunching; the City’s budget reflects our vision, strategies and priorities. Highlights include the following:
- Providing support to the City’s Diversity, Equity and Inclusion Task Force to gather community input;
- Hiring a new firefighter for increased public safety and an assistant city planner to help with an influx of development activity;
- Research opportunities to replace City vehicles with electric models;
- Potential funding for the Geneva History Museum; and
- Dedicating $1.3 million for capital projects and equipment purchases.
The City continues to maintain a strong credit rating of Aa2, which was reaffirmed last fall.
Geneva’s electric and water/wastewater customers are not anticipated to see any utility bill rate adjustments in the next fiscal year.
With the City’s property tax rate decreasing again during the next budget year, the City accounts for only 6.1% of a resident’s overall property tax bill. What does this mean for homeowners? A home valued at $350,000 will pay approximately $600 to the City of Geneva, a decrease of about $22 from the current fiscal year.
The coronavirus pandemic has created much uncertainly during the past two years. But thanks to responsible budget planning and a vision for the future, the City continues to weather the COVID-19 economic impact and will remain on solid financial ground in the years to come.
Elected officials and City staff are committed to a balanced and fiscally sound budget plan that will continue to provide high-quality public services, support the vision outlined in the strategic plan, and manage challenges that each new year brings.
The budget, strategic plan and other financial documents are available to view on the City’s website.