Funded by Concerned Residents, Not Developers
Funding of Eastwood
Proposed Budget
Following a high-level financial feasibility study and reviewing other home-rule city budgets, we believe the proposed City Budget of $5.9M annually would satisfy the needs of our citizens. For reference, Annual Budgets for other home-rule cities vary based on size: Douglas Hills at $1.1M, Prospect at $4.3M, and Middletown at $6.3M (2022/2023).
Taxes
We believe in honesty and transparency as part of this process. Our proposed boundary includes an estimated 6,000 parcels (lots). A tax rate of 0.134 would bring the city approximately $3.4M in revenue. Most insurance policies include a tax today that goes to Louisville Metro. The tax you are already paying in your insurance premiums would be routed to YOUR city, the City of Eastwood. 100% of those funds would stay local, equating to roughly 2.0M. Additional revenues include beverage licenses, bank fees (deposits paid by banks), Cable Francise Fees, state grants, and highway funds estimated at $275,000 annually based on KYTC.
What will it cost me?
The property tax rate will be .134 / $100 of assessed value. For example, if
you own a home with a PVA assessed value of $400,000, you would pay $536 in additional Tax. ($400,000 / 100) x .134 = $536. However, since the City of Eastwood will now be collecting and paying for your Solid Waste pickup (recycling excluded), YOU will no longer be paying that annual expense. For most homeowners, that ranges from $160 - $500 per year. Therefore, if you calculate the net impact on your household budget, you will find that the additional tax is not as “huge” as some have misled you to believe. If you fall into the example above and currently pay $200 annually for Solid Waste, the NET change to your annual household budget would be $336.
City Revenue Breakdown
- Eastwood Tax $3.461,486
- Insurance Tax (LGPT) $2,076,890
- Municipal Road Aid (MRA) $275,000
- Other revenue $107,000
- Total Proposed Revenues $5,920,376
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