Princeton residents are invited to a Monday, Sept. 11, public hearing on a proposed $66.9 million city budget. The meeting will start at 6:30 p.m. and will include agenda items carried over from the Aug. 28 meeting canceled for lack of a quorum.

At a special meeting on Aug. 21, the Princeton City Council proposed dropping the tax rate from 53.5 cents per $100 in property value to 44 cents per $100.

The tax rate would be reduced by an 11.8% increase in property tax revenue, thanks to $1.8 million in new construction added this year to the tax roll. “The property will add $1.3 million in additional ad valorem revenues,” said City Manager Derek Borg.

The proposed Fiscal Year 2024 operating budget would have total revenue across all funds of $62.5 million and total expenditures of $66.9 million, Borg said. The expenditures would include $15 million for capital projects.

“The city of Princeton has been and still is experiencing a very dynamic growth period where long-term planning can be very challenging,” the city manager said. “The growth rate has exceeded 14% for the past few years.”

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