The City of Columbia released its fiscal year 2022-2023 budget. It’s essentially the city’s blueprint for various services that will be provided to the community via funds allocated + approved by City Council.
The budget — which focuses on everything from economic growth and improving public safety to beautification, infrastructure, and more — is set to go into effect on Fri., July 1.
We know number crunching is not everyone’s cup of tea + the FY22-23 document is not exactly light reading, so here’s a brief rundown of what’s inside.
💸 Let’s cash you up to speed
A look at amounts compared to last year
- $164,810,594 — this year’s general fund, which is a 6% increase compared to last year’s budget
- $141,835,914 — the projected revenue, which is a ~6.4% increase compared to last year’s budget
- $75,731,932 — the amount budgeted for Public Safety, which is a 7.9% increase compared to last year’s budget
- $21,080,911 — the allocated budget for Public Works, which is a 9.5% increase compared to last year’s budget
💸 Let’s hit on some “budget biggies” for this year:
Ya know, the things we know you’re already scouring for
- There will be no tax rate or fee increases this year.
- 64% of the city’s total revenue will likely come from property taxes, licenses, and permits.
- The allocated parking fund is $10,238,702 and the projected revenue is $9,238,702 — which primarily comes from parking meters + city owned monthly parking garages.
💸 Let’s see a snapshot of how the city will allocate its spending:
The nitty gritty stuff
- $185,048,681 — Water and Sewer operating fund
- $16,121,055 — Stormwater fund
- $12,772,297 — Hospitality Tax budget
- $2,660,000 — Accommodations (State) Tax Revenues budget