Noblesville passes 2023 budget, maintains property tax rate

Noblesville passes 2023 budget, maintains property tax rate

NOBLESVILLE, Ind. — The Noblesville Common Council approved the city’s 2023 budget plan during a meeting Tuesday night.

The 2023 budget totals $105 million and includes $9.1 million in one time spending. The approved plan is 13.6% larger than the 2022 budget.

The increase from the 2022 budget is due to growth and reinvestment according to Noblesville City Controller Jeff Spalding.

He added that the property tax revenue and local income tax revenue will also be going up for the city.

“The certified net assessed value growth was very high for 2023 at 18%. This gives the city a great opportunity to invest more into the community. The average growth was 8.4% for the four preceding years,” said Spalding. “We continue to have very strong cash balances and this allows us to budget $9.1 million for strategic reinvestment from the spenddown of previously accumulated reserves. That spenddown funds key one-time investments in capital projects, needed equipment, and future capacity. Excluding this one-time spending, our projected revenues equal expenses.”

While property tax value may be rising, the city’s property tax rate will remain $1.10 per $100 of assessed value, which the city has held flat for four consecutive years.

“Noblesville’s 2023 budget is a positive step in funding and addressing infrastructure and local services needs of a growing community,” said Council President Megan Wiles.  “After concluding in-depth budget review meetings and considering recommendations and input from department heads and other stakeholders, I am confident that this budget effectively balances emerging needs and economic trends while ensuring that our ongoing operational spending aligns with revenue growth.”

Some features of Noblesville’s 2023 Civil City Budget include:

  • $50,000 for residential facade grant program in the city’s historic districts.
  • $300,000 for Old Town sidewalk repair and enhancement program.
  • $356,000 for building and site security improvements.
  • Continued infrastructure investments in Innovation Mile.
  • Contributions to roundabout projects at SR 38/Whitcomb Ridge, SR 38/Logan, and 141st Street/Promise Road.
  • $400,000 to replace and enhance downtown traffic signals.
  • Funding for 19 new full-time city employees, including eight new fire fighters and six police officers to address increased service demands from a growing population.
  • 3% base pay adjustments for employees.
  • Vehicle and apparatus replacement for police and fire personnel based on the city’s equipment replacement cycle.

City officials also said that the $105 million budget total did not include more than $5 million in state and federal grant funding for three major trail projects next year and more than $8 million for road projects like Pleasant Street and State Road 32/River Road roundabout.

“Our city is growing and with that growth comes a city budget strategically crafted to meet the needs of the 10th largest community in the state,” said Noblesville Mayor Chris Jensen. “We are fortunate to have healthy cash reserves, accumulated through many years of growth in assessed valuation and prudent management of public funds for us to be able to invest back into our community.”

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