2025 Budget Preparation

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The Newton City Commission is currently discussing the 2025 City budget. 

July 23, 2024 Presentation
July 23, 2024 Meeting video

June 25, 2024 Presentation

June 25, 2024 Meeting video

June 4, 2024 Meeting video
May 22, 2024 Meeting video

Budget Process Timeline

July 9: Set intent to exceed Revenue Neutral Rate

July 23: Set maximum budget for publication

Aug. 27: Hold RNR and budget public hearings, approve resolution to exceed RNR, and adopt 2025 budget

Revenue Neutral Rate

The Revenue Neutral Rate (RNR) is the tax rate the government would need to adopt to take in the same amount of revenue as the previous year. For example, to remain revenue neutral in 2025, the City of Newton would need to lower its mill levy by 7.86 mills. That’s because Newton’s assessed valuation rose by 12.7% for next year, a large increase after many years of relatively stagnant growth.

After several budget work sessions and debate about services and projects, the City Commission published a maximum budget that lowers the mill levy by 1 mill. The Commission will hold public hearings for the RNR and the 2025 budget at 7 pm Aug. 27. At that time, they can adopt the published budget or reduce it, but they cannot increase it.

 

Department Budget Presentations

 

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