City approves annual budget

RANDOLPH – The Randolph City Council has approved the community’s 2023-24 budget during a special meeting Sept. 21.

The city’s 2023-24 budget is $4.4 million. Last year’s city budget was $5.8 million.

Randolph City Administrator/Clerk Ben Benton said the city’s budget this fiscal year is lower than the previous year’s because the council is not seeking additional financing for the community’s Middle Logan Creek flood risk management project.

He said the combined total property valuation for Cedar and Pierce counties within Randolph’s corporate limits increased about $7 million year over year.

This allowed the city to lower tax asking by more than 24 percent, Benton said.

The property tax asking produces $75,750 in revenue to help pay the floodplain project’s $1.2 million, 20-year bond.

The floodplain project has an annual debt service of $120,635. The remaining difference is paid through cash on hand.