New Albany City Council approves $28.4 million budget for 2022
Even with the persistent threat of COVID-19, the city of New Albany carried over $14 million in reserves from 2021.
On Dec. 7, New Albany City Council approved a $28.4 million operating budget, with projected revenue of $16.25 million at the end of next year.
Although the city intends to spend 16.95% more in 2022, it also expects to keep 65% of the budget in reserve.
The city is expected to add 17 new positions throughout various departments, maintain and construct new and planned parks and public entertainment venues and prepare for growth in the New Albany International Business Park and throughout the city by investing in roads, water, technology and utilities.
“I think council and staff work very hard on fiscal responsibility,” said Scott McAfee, spokesman for the city. “And this budget reflects that. And the new positions are going to support our residents’ quality of life.”
Big-ticket expenditures in 2022 include Phase 2 reconstruction of the intersection at U.S. Route 62 and state Route 161 ($4.65 million), Market Street extension ($6.76 million), Phase 2 design for Rose Run Park ($2.1 million) and work on Taylor Farm Park ($3.5 million).
“Our 2022 operating revenues are estimated to be $3 million in excess of those expenditures, even with those new staffing requests,” said Bethany Staats, the city's finance director. “This gives the city a growing overall fund balance, exceeding our desired 65% reserve.”
On a related note, council on Dec. 14 approved a three-year contract extension for City Manager Joe Stefanov, who also will receive a 3.75% raise in 2022.
That will take his annual salary to $177,678 in addition to a one-time bonus of up to $15,000, a $7,200 car allowance and $21,000 for insurance benefits.
Likewise, all city workers received a 3.75% increase in base pay in 2022.
Bill LaFayette, founder of Regionomics, a firm that focuses on economic-development strategy and local economies, said New Albany has a lot in its favor: It’s an attractive, tight-knit community that’s growing but also has a strong industrial base, much of it in the burgeoning business park.
Citing recent workforce statistics, LaFayette said 16,900 workers commuted to the city, 3,400 residents worked outside New Albany and 375 lived and worked in the community.
gseman@thisweeknews.com
@ThisWeekGary
This article originally appeared on ThisWeek: New Albany City Council approves $28.4 million budget for 2022
