Community Impact reports that during a September 15th special meeting the Montgomery City Council approved its fiscal year 2025-26 budget and tax rate.
Maintaining the same rate the city has used for the past several years, the council set the property tax rate at $0.40 per $100 valuation. According to city documents, the rate includes for maintenance and operations, $0.3258, and for debt service, $0.0742.
The general fund budget for Fiscal Year 2025-26 is $8.1 million in revenues and $7.6 million in expenses.
Finance Director Maryann Carl said, that also included in the budget is an added $60,000 for quality-of-life events, moving those expenses from the Montgomery Economic Development Corporation to the city’s general fund under the Public Works department. Carl said, even with the change, the city is looking at a $351,000 surplus in the general fund.
According to documents from the city, $292,343 more in property taxes than last year is expected to be generated from the adopted budget. That amount is a 13.2% increase. Of the added property tax revenue, $147,211 will come from new properties added to the tax roll.
The adopted tax rate is expected to generate around 9.2% more in revenue than the no-new-revenue rate, because of rising property values.
