(RILEY COUNTY, KS – August 24, 2023) Riley County Commissioners approved an adjustment to the proposed 2024 budget during their meeting Thursday morning, August 24. The adjustment will lower the proposed 2024 mill levy for Riley County from 41.312 to 39.956. The change was made due to an expected increase in revenue from interest on the county's cash balances and investments. The increase in expected revenue will result in a reduction of $1,075,000 needed in ad valorem taxes for 2024.
"Originally, $925,000 was projected, and this is the number that was used in the budget document," explained Budget and Finance Officer Brittany Phillips. "However, with cash balances being relatively high, we are projecting increased revenue from interest at approximately 3.5%. The updated projection puts us around $2,000,000 in investment interest income for 2024. It’s important to note this amount still represents a conservative estimate."
The adjustment was made in advance of the August 28 public hearing for the 2024 budget as part of the declaration to exceed the revenue neutral rate. The new mill levy of 39.956 still represents a budget increase exceeding the revenue neutral rate compared to 2023, so the public hearing will take place as planned according to state requirements.
"The overall budget and tax rates can be reduced after the declaration is made to exceed the revenue neutral rate, but they cannot be increased," clarified Phillips.
The Riley County RNR public hearing is scheduled for Monday, August 28 at 9:15 a.m. in the Riley County Commission Chambers. Find more information about Revenue Neutral Rate requirements, as well as the schedule of public hearings for all taxing authorities in Riley County at www.rileycountyks.gov/rnr
The final Riley County budget for 2024 must be adopted by October 1, 2023.
Below is a table of ad valorem tax revenue for 2022 and 2023, as well as the projected amount for 2024. Additional revenue sources including fees for services, state and federal grant awards, and sales taxes are combined to fund the total expenditures for Riley County. The numbers below represent only ad valorem, or property tax, revenue amounts.
|Riley County Taxes Levied||2022||2023||2024- projected|
Mill Levy Rate