City Council approves preliminary budget limits
NEW ULM – The New Ulm City Council reviewed the preliminary maximum levy limit for the 2014 City of New Ulm budget on Tuesday during a meeting a City Hall.
Based on an increase of $110,949 in Local Government Aid over last year and newly imposed one-year levy, the proposed budget will seek to raise the property tax levy by just $68,406, or 1.15 percent, to $5,993,233 while increasing expenditures by $526,177 to $21,122,790. The proposal suggests dipping into a combined total of $773,202 from several reserve funds.
A story on further details with the development will be available in the Thursday edition of The Journal.
Beyond determining the maximum potential levy for the budget, the Council will also hold several public hearings in December on potential budget cuts to further reduce the property tax levy increase.