Rockville Adopts $113 Million Budget
Rockville Mayor and Council passed a fiscal year 2014 operating budget of $113 million on May 20. Rockville residents will pay the same property tax rate for the sixth straight year. Rockville’s fiscal 2014 year begins July 1 and ends June 30, 2014. The budget inlcudes funding to maintain current city programs and services and gives a two percent raise to city employees. It represents a 6.4 percent, or $6.8 million, increase over the fiscal year 2013 budget. The General Fund budget, the fund that supports the largest portion of the operating budget, equals $69 million, an increase of 5.7 percent.
Property tax rates remain the same as FY13 at $0.292 for real property and $0.805 for personal property. Each of these rates is per $100 of assessed value. The FY14 budget continues with the city’s supplement to the State of Maryland’s Homeowner’s Tax Credit, which provides real property tax credits to low- to moderate-income homeowners for their taxes due on their principal residence.
The city’s refuse rate remains flat for FY14, while water, sewer, and stormwater management rates will each see increases. Based on the FY14 rates, the average resident will pay $81.67 more per year during FY14, or an increase of $6.81 each month for water, sewer, refuse and stormwater management services.
The Capital Improvements Program, the city’s five-year plan for funding capital expenses, decreased by 4.5 percent from FY13, to $66.5 million. Forty-seven projects will be funded by this budget, which is being supported by a $5.7 million transfer from the General Fund and a $3.5 million taxpayer supported bond issue. This General Fund transfer and bond issue accounts for much of the 5.7 percent increase in the city’s General Fund budget.
The Mayor and Council heard from the public at a series of public hearings in April, and received comments through May 13. They approved the budget on May 20.
To learn more about Rockville’s FY14 budget, visit www.rockvillemd.gov/budget