The Woodstock City Council has had a first reading of a proposed, $47.4 million budget for the 2021 fiscal year that anticipates a revenue decline and spending controls as consequences of the ongoing COVID-19 pandemic.
The budget assumes a 2 percent decline in recurring revenues, a 2 percent increase in net property tax revenues after appeals and exemptions, and a millage rate unchanged at 6.554 mills, according to a staff presentation to the council. The FY 2021 general fund would total $22 million, down $441,301 from $22.4 million in FY 2020.
Cost-control measures include no cost-of-living adjustments, no new personnel, no salary adjustments to current personnel, no out-of-state travel, and encouraging employees to use comp time rather than overtime.
The document does not foresee the use of reserves in the general fund, and some use of reserves for capital projects in the water/sewer and storm water funds.
A second and final reading of the budget is scheduled for the City Council meeting to start at 7 p.m. Monday.
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