The budget for the upcoming fiscal year, which begins July 1, includes several investments in the city such as more funding toward affordable housing, infrastructure, retaining quality employees and public safety.
Next up, the city council will have its first reading of the Capital Improvement Program or CIP on May 31 from the Knoxville-Knox Planning Commission. The second reading of the CIP will be June 14 and the deadline to approve the budget and tax ordinances is June 15. Last month, Knoxville Mayor Indya Kincannon announced the proposed budget priorities for the 2022-23 fiscal year in her State of the City address, which include a 50-cent increase in the property tax rate and higher salaries for first responders and city employees.
While the approved budget includes a 50-cent property tax increase, Mayor Kincannon says this property tax increase does not necessarily mean higher tax rates in the city. She says the money from the tax increase will go toward the general fund and debt service fund operations for the city.
The new fiscal year for the city begins July 1. The CIP is slated for years 2023-2028 and includes the 2023 capital improvements budget and capital improvements plan for the overall program covering five years.
City documents state the CIP includes any projects that involve needed repairs or improvements to the city’s existing infrastructure (streets, parks, city facilities, etc.) and the acquisition or construction of new infrastructure with an estimated cost of $10,000 or more.