City of Mankato votes on 2023 budget
MANKATO, Minn. (KEYC) -The city of Mankato is looking ahead to its budget for fiscal year 2023.
“We worked extremely hard,” Mankato Mayor Najwa Massad said. “It was not a two day, or two week or a month or two, literally from August until today finally we have decided on something that will be beneficial to everyone.”
The plan includes an increase in the property tax levy to more than $23 million. With money allocated to the city’s general fund, debt service, transit and economic development funds. These funds account for the operating budget and the community investment plan which covers capital projects through 2027.
“It is very important for us to think ahead, to be those visionaries, to know what is coming up, to visionize something that we want that the citizens are asking for,” Massad said.
The proposed plan would increase property taxes for Mankato residents. The averaged-value with the new property evaluation is $273,300 will see a $226 or 26% increase to the city portion because of the value increase, based on Blue Earth County estimates.
“The city of Mankato is just like any other business here in town,” Massad said. “With rates going up for wages, electricity, and of the commodities that Getting the fuel any of the stuff have all gone up. So of course the tax levy did go up.”
After discussion, elaboration on the plan and public input, the Mankato City Council voted to pass the plan.
“The council did the best that they could,” Massad said. “Market rates have gone up and that is what you are going to see the increase in.”
Copyright 2022 KEYC. All rights reserved.