Lansing Development News

City Council Reviews 2027 Budget, Discusses Mill Levy and Financial Projections

The finance director presented an overview of the 2027 budget, highlighting an estimated assessed valuation of $138,423,446, a 3.9% increase from the previous year. The presentation included details on the current mill levy ($41.917), the revenue-neutral rate ($40.341), and potential legislative changes affecting budgeting processes. Discussion also covered fund balances, historical mill levy trends, and the need to supplement special funds like highway and parks due to insufficient revenue growth. Specific financial considerations for the fire department, aquatic center, and health insurance costs were detailed, along with projections for ending balances across various funds. Capital requests and the feasibility of new positions were also addressed. The plan is to maintain a flat mill levy, with a potential increase in the fire department's mill levy to support an equipment reserve fund. The city is considering legislative changes that would allow municipalities to increase revenue by CPI plus a percentage, which was vetoed this year but may return. The overall goal is to manage finances, support city services, and provide fiscal stability. A key point was the drop in the state mill levy, which will provide some relief to taxpayers.