Bellevue, Nebraska – Bellevue city, gearing up for infrastructural and economic advancements, has made a significant proposal for its fiscal year budget of 2023-24. With a recommended 42% increase, city officials have strategized a vision that aims to both strengthen its core services and drive economic growth through substantial capital projects.
“Bellevue city has proposed a 42% increase in the budget for fiscal year 2023-24.” While this might ring alarm bells for homeowners, they can find solace in the fact that this could translate to a 13.6% rise in property taxes. This increment coincides with the “increase in property valuations by Sarpy County”. However, it’s vital to note that even with the budget’s significant expansion from “$30,290,374 to $34,414,880”, Bellevue has no immediate intentions to “raise the mill levy due to high valuations.”
Capital Projects Taking the Front Seat
Diving deeper into the reasons for this budget hike, the primary catalyst is Bellevue’s ambitious blueprint for capital projects. The city, already known for its prudent financial handling, showcased this by reducing its debt by “$5,420,000 from the previous year”, leaving the current debt at a manageable “$69,185,000”. This number, in relation to the valuation, is a mere “1.23%”.
Reflecting the city’s commitment to infrastructural growth and the betterment of its community, the proposed budget earmarks a whopping “$72,574,000 for capital improvement projects”. In comparison, the allocation for the same was just “$30,216,600 the previous year”. These funds have a diverse range of applications, including but not limited to, “economic development, cultural initiatives, parks and recreation, street improvements, wastewater management, public safety, and infrastructure.”
It’s evident that Bellevue’s strategic financial direction is not merely about numbers and percentages. At its core, it’s about driving economic propulsion, welcoming new businesses, fostering job creation, and enhancing sales tax revenue. By concentrating on these capital projects, the city hopes to provide an enriched experience for its residents while also positioning itself as a hub for businesses and cultural endeavors.
While the proposed budget for 2023-24 comes with its fair share of increases, the underlying strategy is clear. Bellevue seeks to “shift the tax burden from homeowners to new developments”, ensuring sustainable economic growth and a prosperous future for its inhabitants.