This story has been updated with corrections.
HOPE – It appears the community of Hope will have more money than they were expecting less than a month ago.
In figures provided by Hope Clerk-Treasurer Diane Burton, the northeast Bartholomew County community will have a budget of $2.21 million next year if approved by the council. That’s about 3.7% higher than the $2.13 million this year.
Financial reserves, also called the Rainy Day fund, will total $292,000, which is 14.5% more than the $255,000 than this year’s budget.
There are two appropriations in the Rainy Day fund: One is $255,000 for project and $37,000 for a police vehicle.
The cumulative capital development fund, which can be spent for any municipal purposes is budgeted at $164,000 next year.
Other than property taxes, there are a number of other financial resources that provide the community of 2,100 residents with income. They include economic development income tax revenue, money from riverboat gambling taxes, federal money from the American Rescue Plan and opioid settlement funds.
As the council did a year ago, the town will again be requesting the maximum levy of 4% per $100 of assessed valuation, according to Burton.
The council is scheduled to make their initial vote on the 2025 budget Tuesday. A 5:30 p.m. public hearing will be held prior to the first-reading vote, with the council’s regular month meeting following the vote.
The second and final vote on next year’s spending plan will be held at the same time on Oct. 15.
Last month, Burton made a number of recommendations the council has been considering. They include:
- Adding $15,000 to a fund earmarked for police vehicles, raising the 2025 contribution to $37,000.
- Making $75,000 available for street paving, with an additional $10,000 for related engineering services.
- Spending $70,000 for installing new sidewalks or repairing deteriorating walkways.
However, all spending decisions will have to be approved by the council. The estimates presented by Burton do not include water and sewage, which is handled separately from the town’s budget.
