The Town of Zionsville has released factors and statistics that will influence the 2025 budget for the town, including revenue sources, levies and more that were presented by Crowe LLP.
Managing Partner of Crowe Tim Berry delivered a presentation to the Zionsville Town Council on municipal finance earlier this week where he reviewed the key dates for the 2024 revenue disbursements alongside the deadlines for the 2025 town budget, advising the town that the budget should be allocated based on community priorities.
Berry outlined the major revenue sources according to the Department of Local Government Finance, stating that property tax accumulates 41% of revenue compared to local income taxes with 39%, other local revenues with 13% and other intergovernmental revenues with 7%. Berry continued to describe the different instances of funds, such as levy-controlled funds and rate-controlled funds.
Berry detailed how a circuit breaker limits tax liability on the individual taxpayer, and due to Zionsville’s lower tax rate, the town does not experience much loss as a result of the circuit breaker.
Berry continued to explain that the state placed a limit on property tax levy growth that dictates that growth in 2025 may not exceed 4%.
Berry examined the proportion of spending by the varying departments within the town, stating that Zionsville hosts a low debt obligation compared to surrounding communities, and Zionsville boasts one of the lowest tax rates of the surrounding communities at 0.5229.
The presentation was a means to prepare the town council for setting the 2025 budget in late September or early October in 2024.
Berry’s full presentation may be accessed at zionsville-in.gov. The next regular town council meeting is set for Monday, July 1 at 7 p.m. in the Zionsville Town Hall Chambers.
