BOONE, Iowa—The Boone City Council hopes to adopt a preliminary proposed budget at a special meeting Tuesday evening at the Boone City Hall. Boone Mayor John Slight on the KWBG News/Public Affairs program “Tuned In” last week said he was confident the council would be able to complete work on the proposed budget.
During the special meeting, the council will review the proposed operational budgets for all departments, including the water and sewer which are considered enterprise funds meaning they make enough to pay for themselves. The sewer department also has the biggest share of debt following a major upgrade to the system. The council recently approved refinancing some of that debt which will result in a reduction in the interest payment on the debt.
The council will also review the Local Option Sales tax distribution. 75 percent goes to capital projects and purchases, 20 percent to property tax reduction and the remaining 5 percent is awarded in the form of grants to human service programs. Those rates were established by voters when they approved the tax which went into effect in 1990. Revenues next fiscal year are estimated to exceed $1-million.
The council has had a goal of maintain the tax rate which is currently $15.62 and it appears that rate will continue. A publication of the proposed budget will be made before the formal public hearing, expected in March.