Last Friday, Bloomington mayor John Hamilton released his proposed 2022 budget.
Compared to the 2021 budget, the combination of local income tax distributions and the general fund property tax levy nets out to about zero change for 2022 revenues.
There’s an increase in the general fund property tax levy (based on a 4.3-percent growth quotient)—from $24.43 million to $25.48 million, or an increase of $1.05 million.
But Bloomington’s certified share of local income taxes is expected to drop 7.8 percent, from $13.65 million in 2021 to $12.56 million in 2022, for a difference of $1.09 million.
So the $1.05 million gain in property tax levy is erased by the $1.09 million loss in local income tax revenues.
Still, the overall proposed budget for the city of Bloomington in 2022—not including Bloomington Transit, Bloomington Utilities, and the Bloomington Housing Authority—will increase by about $11.5 million compared to 2021, making the total for 2022 about $106.6 million.
The revenue to cover the $11.5-million increase is coming from the two federal pandemic relief packages—the Coronavirus Aid, Relief, and Economic Security (CARES) Act and American Rescue Plan Act (ARPA).
According to Bloomington’s 2022 proposed budget document, the $106.6 million budget will tap Bloomington’s CARES Act funding for $1 million and the ARPA for $9.735 million.
Unlike the 2021 budget, which relied on a $2-million transfer from the rainy day fund, the 2022 budget does not make any transfers out of the rainy day fund.