Fort Madison’s City Council approved their FY 2016 Operating Budget during a meeting on Tuesday.
City Manager David Varley says that the budget is balanced, with a surplus of revenue. The city is opting to lower the overall tax levy this year in order to offset a higher tax rollback from the state of Iowa–Fort Madison’s property tax rate is decreasing to $16.07 from $16.29 per $1,000 in assessed valuation.
Water and sewer rates will, however, climb in the city for the second year in a row as part of a set of planned annual increases agreed to last year in order to help pay off water bond debt.
One major project was included with the budget. It’s a 3-5 year long rehabilitation of the City’s sewer plant. It’s expected to cost between $13 and $15 million.
In other Council Action, bids were opened for sewer work on 5th and 6th street as well as for a reconstruction of 24th street from Avenue A to Avenue E. Construction work for both projects should begin in early Spring.
