McFarland trustees approved the 2020 budget and established the 2020 tax levy for the village at the Monday, Nov. 25, village board meeting.
The municipal tax rate will be $6.49 in 2020. This is a 4.11 percent decrease from last year’s rate of $6.77.
The municipal property tax levy is $6,366,250. Last year’s levy was $6,091,750.
The village’s total assessed valuation in 2020 is $1,023,417,995, an 8.54 increase from 2019. Subtracted from this number is the tax increment district assessed valuation at $42,530,496, leaving an amount of $80,860,848.
As of Jan. 1, 2019, the median value of a McFarland home is $275,000. The previous year’s median value was $264,000.
A summary sheet notes that the tax rate is the village’s lowest since 2012 after three years of decline.
“The end result is overall budget from when it was submitted to changed very little and was maintained in a similar fashion with various things moving and changing as we went through the process,” Village Administrator Matt Schuenke said.
Throughout the budget planning season, trustees made several changes to the budget.
Money for a community arts program was increased from $500 to $3,500.
Funded revenue from E.D. Locke Public Library fine collection was increased from $5,000 to $7,250 but still totals less than the previous year. Funding for support services decreased from $34,000 to $28,750 as a result of lower cleaning costs. This changed caused an increase in anticipated revenue from fines. Fine elimination is postponed until Jan. 1, 2021.
Budget surplus from 2019 will be used to cover expenses for the police and fire and rescue departments.
One hundred thousand was eliminated from the parks capital fund as aquatics development is postponed. Funds were applied to the design and development of a special needs park.