“Preserve, grow, thrive” is the city of Springtown’s motto for the next fiscal year. As a new budget takes shape, the council meets for annual workshops to discuss and review what the city’s financial health looks like. On Friday Aug. 1, the council met midday to see a draft of the 2025-2026 fiscal year budget.
Some key takeaways from the draft budget include a 14% increase in taxable value from the previous tax year and a significant drop in new construction — new property added to the tax rolls — from the previous year. Assistant City Administrator Christin Derr said this is the first time since 2021 the city has seen this number decrease from previous years. With population growth, the total taxable values have grown and tax rates have lowered.
“Over the last six years, the city’s population growth has far outpaced the growth in its taxable value and resulting tax levy annually,” Derr said. “The city’s tax rate has an inverse relationship with the rate of growth of both population and taxable value.”
