NORMAL, Ill. (WYZZ) — People in Normal will not have to pay more in property taxes next year, after the council voted to keep rates the same for the upcoming fiscal year.
On Wednesday the council approved the town’s $136 million budget. It represents a 6% increase from last year’s as it outlines increases in spending for public works, economic development, contingency and liability insurance.
So to keep your bill the same the town is lowering the amount of money its using to pay for police and fire pensions.
The state requires all municipalities to have those pensions funded by at least 90% by year 2040. In previous years the town has been going above and beyond that, in order to have them funded at 100%.
However, to pay for the new expenses, as well as keep the standard rate, leaders opted to decrease funding for those pensions to the 90% requirement.
Despite passing what leaders called a ‘status quo budget’ community members can expect to pay more for their water bill.
After approving the budget, the council voted to increase the water rates by 2%. Meaning you will be paying $0.90 cents more a month, or $10.80-cents for the whole year.
Leaders say the increase will bring in an additional $193,000, which will be used to upgrade and improve the town’s water system.
“Inflationary costs continue to push up the cost of providing water service,” said Finance Director, Andrew Huhn. “In order to provide a high quality system, we need to continue to increase the rates. In terms of paying more money to the government, that is probably the only place that you will see an increase.”
The new fiscal year begins in April.