Mill Levy will increase for one year

Sidney’s mill levy will increase from 0.43 to 0.53, Ed Sadler, Sidney city manager, reported to the city council Tuesday at their regular meeting.

“If you look at where your mill levy is going to be for operations budgets, the general fund and for the debt service, you’re talking slightly over 0.5 for the mill levy,” he said. “It’s currently about 0.4.”

The increase is only for one year, and due to payments being made on two bonds.

“It’s going up,” Sadler said. “The following year it’s going to drop back down again because you’ve added these bonds that you passed about 10 months ago, these two bond issues. The first two payments are now going to come due during this budget. That’s why you’re noticing this big increase in the debt service.”

One of the bonds will be paid off during the budget year, and the mill levy will drop again.

“After this year, you’re going to be paying off one of those bond issues so you’re going to watch the mill levy drop down some,” Sadler said. “Not as much as it was this last year, but you are going to watch it drop.”

The city is finalizing its budget, Sadler said.

“We do have the final assessed value,” he said. “It’s up to $507,219,238, which is a little higher than we estimated. It is going to allow you to drop the mill levy for the operational budgets a little lower than it is this year.”

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