Mayor Hodges to deliver 2018 budget address Sept. 12
Mayor Betsy Hodges delivered her 2018 recommended budget to the City Council and the Board of Estimate and Taxation Aug. 15. She will deliver her formal 2018 budget address at noon Sept. 12 in the Council Chamber. Council members will consider the budget from now through early December with final approval of the 2018 budget scheduled Dec. 6.
Watch the mayor's address live on the City’s cable channels – Comcast channel 799 and CenturyLink channel 8501 – or the City’s website. The speech will also be replayed on the City’s cable channels.
The mayor’s proposed budget includes:
- A 5.5 percent increase in the property-tax levy for 2018, which is consistent with the five-year financial direction that the City Council passed in the 2017 budget. The levy increase will fund the historic 20-year parks and streets agreement reached with the Park Board in 2016 and the property-tax increases needed to fund it that were codified in City ordinance.
- An additional source of revenue in an increase of 0.5 percent for the City’s natural gas and electricity franchise fees. This assumes that more than $2 million will be generated by this fee increase. This action will respond to the Clean Energy Partnership’s call to raise additional resources toward reducing greenhouse gas emissions, implementing more of our Climate Action Plan more quickly and paying for renewable energy efforts undertaken by the City and its residents and businesses.
- A modest growth in enterprise fund expenditures supported by moderate utility rate increases. These reflect new infrastructure investments such as water filtration plant improvements, replacing 100-year-old pipes under streets and investments to mitigate stormwater flooding. These investments will pay dividends in better environmental outcomes, more reliable infrastructure, and less potential for catastrophic interruption to service delivery.
- Creation of a new special revenue fund called the Downtown Assets Fund within the Convention Center. The fund will pool resources and management of resources to better integrate Target Center, Downtown East Commons and the Convention Center. It will also pay for a $4 million investment in revitalizing Peavey Plaza to match private fundraising.
- Preparing for redeveloping key areas of the city such as the Lake/Nicollet intersection and the Upper Harbor Terminal. These redevelopments will revitalize areas of our city that are ripe for growth, which will improve the daily lives of neighborhood residents as well as the City’s financial position through its tax base.
Published Aug 22, 2017