Fishers, Noblesville pass budgets, tax rates as property appraisals fill city bank accounts
Fishers and Noblesville will increase their budgets substantially in 2023 but will hold the line on property tax rates.
Fishers budget will jump to $144.4 million from $121.6 million this year with a slight decrease in the property tax rate of 71 cents per $100 of assessed home value. The city council approved the budget Monday.
The city also expects its cash reserves to grow to $33 million from $31 million. Fishers ordinance requires its rainy day fund to be greater than 50% of its property tax revenues, which will be an estimated $27.7 million next year. The reserve funds usually help pay for part of construction projects, such as the new City Hall and arts center being built.
"My administration has worked tirelessly to bring high-quality services and amenities to Fishers residents while making sure we’re thinking critically about our revenues and expenditures,” Fishers Mayor Scott Fadness said in a news release. “As a result of this careful attention, we’re in the position we are today – to reduce property tax rates back to 2020 levels – while simultaneously making record-breaking investments in our community.”
Employees and elected officials will get raises of 4% and workers also will receive a one-time bonus of 3% of their salaries to ease the cost of inflation.
The city will dedicate $12 million to infrastructure projects next year, including $4 million in road resurfacing, $1.5 million for a bridge replacement on Cumberland Road and a total of $720,000 for roundabouts at Hoosier Road and 106th Street and at Southeastern Parkway and 126th Street.
The city will hire one civilian police department employee and no new firefighters.
Noblesville revenues increase
Noblesville’ 2023 budget is $105 million, a 13% increase from this year, thanks largely to increases in income and property tax collections: the two largest revenue generators are expected to rise and average of 18% next year.
For the fourth straight year the city will keep the property tax rate at $1.10 for every $100 of assessed value. The City Council approved the budget Tuesday.
"We are fortunate to have healthy cash reserves, accumulated through many years of growth in assessed valuation and prudent management of public funds for us to be able to invest back into our community," Mayor Chris Jensen said in a news release.
The city plans to hire 19 full-time city employees, including eight new fire fighters and six police officers and employees will receive 3% salary increases.
The city will spend $300,000 for Old Town sidewalk repair and enhancements and $400,000 to replace and enhance downtown traffic signals. Roundabouts will be built at State Road 38 and Whitcomb Ridge, SR 38 and Logan Street, and 141st Street and Promise Road.
The city also has $5 million in state and federal grants for three major trail projects next year – Little Chicago Road Pedestrian Bridge, Nickel Plate Trail, and the Stony Creek Pedestrian Trail – and more than $8 million for road projects like the Pleasant Street reconstruction.
Call IndyStar reporter John Tuohy at 317-444-6418. Email at john.tuohy@indystar.com and follow on Twitter and Facebook.
This article originally appeared on Indianapolis Star: Fishers, Noblesville pass 2023 budget, tax rates
