On August 6, just prior to the regularly scheduled Board of Aldermen meeting, Louisville’s elected officials hosted a public budget hearing at City Hall.
Mayor Will Hill presented the board with the proposed budget. This budget was drafted after meeting with various department heads to hear any pressing needs or to make other changes.
Hill described the proposed budget as having “many moving parts,” some of which includes future revenue brought in from tax collection. However, Hill noted that a balanced budget is very likely provided revenue is as predicted.
The city continues to utilize multiple grants to fund major capital projects, including the Rail Park, the MDOT TAP (sidewalk) program, and other ongoing projects.
The 2023-2024 budget was $6,008,850.00. Sixteen percent of that revenue was from tax collections ($961,416.00). The 2024-2025 proposed budget is $6,550,000 with fifteen percent expected to come from tax revenue (982,500.00).
The mayor expects a final budget to be ready for a board vote by mid-September (in time for the second bi-monthly Board of Aldermen meeting).
