The City of Edgerton’s annual budget process started May 28 with a work session.
The council reviewed sales tax collections, city property valuations and the effects COVID 19 could have on the budget.
Edgerton is on solid financial footing after the county’s property tax collection report came in better than anticipated.
Edgerton doesn’t rely heavily on sales taxes, which somewhat insulates the city from the economic swing caused by the pandemic.
The businesses at the LPKC intermodal remained opened and sales tax revenue remained stable.
In addition, those businesses with tax abatements are required to continue paying in lieu of taxes.
Sales tax revenue from utility sales has also increased. The increasing trend began in 2014 and is related to electric and gas utility sales tax for businesses at LPKC. In addition, On The Go Travel Plaza will open this year.
Staff will continue to monitor revenues and make adjustments as needed. The city’s assessed valuation will come from county clerk on June 15, sales tax for April sales will be distributed in late June.
The final budget must be approved in August. Several work sessions are scheduled prior to budget approval, and residents are encouraged to attend.
Work sessions will be held:
June 11; Utility Fund Budget Work Session;
June 25; Special Funds Budget Work Session;
and July 9: General Fund Budget Work Session.
A formal public hearing will be held on Aug. 13 before the 2021 budget is adopted.