PHOENIX — The city of Glendale has approved a $693 million budget for next year, a 9.6 percent spending hike from the current budget, with no plans to raise taxes.
City officials told Your West Valley News that the extra funds will mainly go to capital improvement projects.
The city said it was able to raise the budget without raising taxes due to higher property values, frugal budgeting and growth in local business and residences.
“We’re seeing overall recovery like the rest of the state; a lot of development in the city, a lot of new properties coming on board,” interim Finance and Technology Director Vicki Rios said to Your West Valley News after the meeting.
Because of the rise in property values, property tax rates will drop slightly while tax collections will still go up.
The influx of business to the city will also help revenues with an increase in fees from building permits and sales-tax licenses.
Another revenue increase for the city will come is from its renegotiated contract with the Gila River Arena where the Arizona Coyotes play. The arena, which brought in $750,000 in revenue for the city this year, is projected to bring in $1.2 million next year.
With the new budget the city is still on track to have a rainy day fund of $50 million in case of another recession.