The City of Newport’s proposed 2018 budget is now available to be viewed on OpenGov.com, an online government transparency site that gives the public easy access to the inner-workings of public bodies.
“As part of this year’s budget, and future ones, we are implementing an online transparency page through OpenGov that is available to the public,” said Newport City Manager Tom Fromme, who is responsible for developing the city’s annual budget proposal. “This digital platform gives interested citizens the ability to review our Budget progress as we move through the Fiscal Year.”
Fromme
The Recommended Budget can be found on OpenNewport .
The Budget numbers are a projection for revenues and expenditures throughout the Fiscal Year. Early each calendar year, the city manager and department directors work with the city’s Finance Department to evaluate the projected resources and spending needs for the coming fiscal year. The city manager then meets with the Budget Committee, comprised of two City Commission members, for review and discussion. Through an iterative process, the City Manager completes a final Recommended Budget that is presented to the mayor and commissioners for approval. By law, the city must adopt a budget before July 1st of each year.
Highlights in the Recommended Budget include a focus on outstanding tax delinquencies and Code Enforcement liens, traffic citations, funding for deferred building renovations, and further reduction of the city’s Tax Anticipation Note. Numerous capital improvements are planned, including street resurfacing, floodwall repairs, LED lighting improvements, streetscape improvement to Monmouth Street and the continuation of the City’s Façade Grant program.
The City’s major revenue streams remain payroll, property, insurance premium taxes and Occupational Licenses.
“In the foreseeable future, we anticipate several new developments to begin construction,” Fromme said. “Many of these developments, such as the Academy on 4th, are a mixed use of residential and commercial. Additional office developments are also taking shape and the Route 9 Corridor is attracting potential development and will continue to do so for the next few years.”
Fromme said the departure of the Baptist Convalescent Center in South Newport, which is relocating to southern Campbell County, will create a short term loss of payroll but will allow re-development that area in a way that will benefit the surrounding neighborhood.
Newport is also undertaking an inventory of homes in the Buena Vista Neighborhood this Fiscal Year for possible designation of a National Historic District.
“If economic conditions stay favorable, we project the total value of developments to exceed $1 billion dollars over the next 10 years,” Fromme said.
Development is crucial to the City’s future well-being since payroll tax accounts for approximately 35 percent of the city’s revenue. Some of the largest private payroll providers include Kroger, PL Marketing, Newport Aquarium, I-Wireless and Divisions. Property tax accounts for approximately 12% of revenue.
Riverfront Place, OVATION and Riverchase Properties are the three largest property tax payers. The top ten commercial properties account for 9.62 percent of property tax revenues.
Newport’s goals in the upcoming Fiscal Year include:
- Redevelopment of both residential and commercial properties
- Working on quality of life issues such as parks and recreation
- Maintaining a safe walkable community and the continuing the emphasis on infrastructure repairs and maintenance.
- Continued focus on growing revenues, keeping expenses reasonable, reducing debt service and improving Newport’s credit rating.
To make comments on the proposed budget, email cityofnewport@newportky.gov, or attend the upcoming budget hearings to comment.
