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LAUREL — Laurel City Council members brought the 2014-15 total budget amount for the City of Laurel down by $1.6 million.
Last year’s total budget of $6.9 million dropped down to $5.3 million for the 2014-15 total budget figure.
Having the city’s valuation increase by just over $3. 7 million helped with the equations.
City auditor, CPA Mike Pommer, Wakefield, spoke to Laurel City council members during the Budget Hearing on Monday.
“We have a pretty detailed budget,” Pommer said. “Last year’s budget was sharply higher with the phase two expansion for the Industrial Park.” Funding for the Industrial Park project comes through TIF (Tax Increment Financing).
Laurel City Council members voted to hold the 2014 tax rate at . 4999 which is just under last year’s rate of .5000.
The 2014-15 Laurel City property tax request is up close to $18,650 from the amount of last year’s tax request.
This year’s property tax request is right at $194,400 while last year’s tax request was close to $175,750.
“I am impressed that we can have a $194 million tax authority w hen we have a $5.3 million budget,” Councilman Keith Knudsen said.
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