by BECKY GOFF
Little Apple Post
RILEY COUNTY - On Thursday, August 24th, the Riley County Commissioners approved an adjustment to the 2024 budget which will lower the proposed 2024 mill levy for Riley County from 41.312 to 39.956.
The change comes after an expected increase in revenue from interest on the county's cash balances and investments.
County officials expect an increase in revenue which will reduce the needed ad valorem taxes for 2024 by $1,075,000.
"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 has been made ahead of the August 28th public hearing on the 2024 budget, due to the declaration of need to exceed the revenue neutral rate.
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
