MORGANTOWN, W.Va. — The approximately $39.5 million budget for the city of Morgantown for the upcoming fiscal year has been approved on its first reading.
After some minor adjustments made prior to Morgantown City Council’s meeting Tuesday, the city’s budget for the 2022-23 Fiscal Year, was unanimously approved by Council. The budget, includes an increase in the city’s General Fund, an increase in spending for the Morgantown Police Department and the Morgantown Fire Department, as well as a pay raise for city employees.
“It represents a one percent increase from the current fiscal year budget,” said Morgantown City Manager Kim Haws. “The forecast, we’re anticipating a good year coming back from a couple of very lean years related to COVID,” he said.
The approximately $35.9 million, designated for the City of Morgantown’s General Fund, will be a close to $1 million increase in spending in comparison to fiscal year 2022. The largest increases in spending, were directed towards public safety, where the Morgantown Police Department received approximately $485,000 and the Morgantown Fire Department received $260,000 in spending increases. City Hall also received an increase of around $400,000, which would be used for various improvements for the facility. Approximately $3.4 million, will be directed towards the City of Morgantown’s Escrow Fund. These numbers are pending, with property tax estimations expected to be given by Monongalia County officials.
“We’ll have the final property tax numbers from the County, they actually notified us today that they’re running behind a little bit on those property tax numbers because of an issue with the state,” said Morgantown Finance Director Kevin Tennant. “Hopefully it will be in the next couple of weeks,” he said.
A budget public hearing and adoption for the 22-23 fiscal year budget is scheduled for March 22.
Morgantown City Council also unanimously approved a resolution which approves a maximum of $7 million in lease revenue bonds to be used by the Morgantown Building Commission. These funds, are dedicated towards several improvement projects for city facilities, including City Hall, the Morgantown Public Safety Building, the Norwood Fire Station and the City Publix Works Garage. These bonds will be paid for via a lease back agreement between the Morgantown Building Commission and Council.
“The Building Commission will own these facilities, the one’s not already owned by the Building Commission will be conveyed in connection with closing,” said Bond Council Tom Aman on the bond payment process.
Community Bank, will be purchasing the bonds after their proposed rates were approved by the Morgantown Building Commission prior to Tuesday’s meeting. Their proposal, was chosen out of five banks who responded to the city’s twenty-two bank bond submission.
“The city administration reviewed everything, and I think their recommendation is to accept the bid proposed by Community Bank, which has the lowest interest rate by far,” said Rob Steptoe, who’s also served as bond council during the process.
The bond purchasing agreement is set at a fifteen year rate and has no prepayment restrictions or refinancing penalties. An ordinance approving the bonds was approved by Council on February 1.
Development Services Director Rickie Yeager encouraged residents to participate in two input sessions this week for the comprehensive plan. The plan is updated every 10 years to reflect challenges. The last update was conducted in 2013.
Each session will begin with a presentation from the consultant, followed by more detailed information and the opportunity to ask questions.
“The rest of our time together, both online and in-person, will be dedicated to getting feedback from participants about downtown, economic development, housing, transportation and more,” Yeager said.
An in-person meeting is scheduled for Thursday, March 3 at 6 p.m. at the Morgantown Event Center. A virtual meeting will be held Saturday, March 5 at 10 a.m. Links to more information are at the city’s website.
“If residents are not able to join us for either the in-person meeting this Thursday or the virtual meeting Saturday a couple of the presentation will be made available on the city’s website with survey to fill out,” Yeager said.