Categories: Breaking NewsEconomyNewsPolitics

Conway Proposes $113 Million Budget for Upcoming Fiscal Year

Community members discussing the Conway budget proposal in a city hall meeting.

News Summary

The city of Conway is set to implement a bold $113 million budget for the next fiscal year, representing an increase from the current year’s $86 million. Key proposals include raised property taxes and fees for city services to support future growth and initiatives. City administrators have identified the need for additional funding and personnel to address financial needs and enhance city services. As the budget approval deadline approaches, residents should stay informed about these changes that could impact their wallets.

Conway’s Proposed Budget of $113 Million: What You Need to Know!

Exciting changes are in the air as the city of Conway lays out a bold $113 million budget for the upcoming fiscal year. This is quite a jump from the current year’s budget of $86 million, and it comes with quite a few proposals that will directly affect the residents’ wallets. Let’s break it down!

Property Taxes on the Rise

If you own property in Conway, you should brace yourself for a slight increase in property taxes. The city’s property tax millage rate will go up from 95.3 to 98.1, which translates to an overall tax increase of about 3%. Depending on your property value, you could see your annual taxes hike anywhere from $11 to $45. Here’s how it plays out:

For a $400,000 home, taxes will rise from $1,525 to $1,570 (a $45 increase).
A $300,000 home will see an increase from $1,144 to $1,177 (a $33 bump).
Property valued at $200,000 will go from $763 to $785 (a $22 increase).
If your home is worth $100,000, expect your taxes to increase from $381 to $392 (an $11 jump).

City Administrators Address Financial Needs

City administrators and council members recently gathered to tackle a budget that had initially been over budget by an eye-watering $7.1 million. They identified the necessity for additional funding, requesting over $4 million in new positions for the next two fiscal years! The city is clearly gearing up for some significant growth and development.

Another thing to consider is that property taxes are not just a necessary annoyance. They make up about 35% of the general fund budget, with business licenses following close behind at 27%.

Increased Fees on City Services

5%, adding $1.50 to the monthly charges for residents, bringing the total to $31.50. This change is projected to bring in over $6 million for the city. Additionally, stormwater rates are expected to rise by 9%, increasing from $8 to $8.75, which should yield around $2.3 million in revenue.

Staff Pay Increases and New Initiatives

In a move to retain talent, city employees who are not firefighters or Class 1 officers are set to receive a proposed $5,000 salary increase if the budget is approved. Last year’s raises for Class 1 police officers to the tune of $17,000 and firefighters’ increase of $6,000 are now looking to be complemented with a 3% cost-of-living raise for both groups.

The budget also dedicates $243,000 for employee bonuses geared towards retaining staff, along with adjustments to encourage employees to take the vacations they deserve—allocating an additional $18,000 for the vacation buyback program.

Future Growth and New Services

The city has ambitious plans lined up, including a master plan for parks and recreation to tackle future growth. They’re also thinking about expanding the downtown historic register perimeter to include more buildings based on their condition and updates. A retired attorney has pitched the idea of offering free legal services for low-income residents through volunteer attorneys. Plus, the police department will be testing phones for language translation to better serve the community. If successful, expect more devices to roll out!

Budget Approval Deadline Looms

Remember, the new fiscal year starts on July 1, so there’s a tight timeline ahead for budget approvals. With the significant proposals laid out, it’s an exciting and quite eventful time for Conway! Don’t forget to stay informed and be prepared for what’s ahead!