MANHATTAN (KSNT) – Riley County Commissioners moved to adjust the 2024 budget due to an expected increase in revenue from interest on the county’s cash balances and investments.

Due to the expected revenue increase, Riley County is expected to reduce property tax revenue needed by $1,075,000 for 2024, dropping the mill levy from 41.312 to 39.956, around a 3.29% decrease, according to a press release from Riley County.

“Originally, $925,000 was projected, and this is the number that was used in the budget document,” Budget and Finance Officer Brittany Phillips said. “However, with cash balances being relatively high, we are projecting increased revenue from interest at approximately 3.5%. The updated projection puts us around $2,000,000 in investment interest income for 2024. It’s important to note this amount still represents a conservative estimate.”

The adjustment was made prior to the Aug. 28 public hearing for the 2024 budget, according to the press release. A public hearing will still take place as the new mill levy rate still represents a budget increase exceeding the revenue-neutral rate (RNR).

“The overall budget and tax rates can be reduced after the declaration is made to exceed the revenue neutral rate, but they cannot be increased,” Phillips said.

The RNR public hearing is scheduled for Aug. 28 at 9:15 a.m. at the Riley County Commission Chambers. The final Riley County Budget will be adopted by Oct. 1, 2023.

The figures below only represent ad valorem, or property tax, revenue amounts.

Riley County Taxes Levied202220232024 – projected
Dollar Amount$28,585,704$30,426,513$31,676,715
Mill Levy Rate42.22742.21439.956