On August 19, 2002, the Overland Park City Council adopted the 2003 Budget and 2003-2007 Capital Improvements Program.
Budget Highlights
The Budget totals $186.3 million, a .4% increase over the 2002 Budget. The operating portion of the 2003 Budget is $98 million.
The budget does not include any new programs, eliminates seven full-time equivalent positions, reduces the employee salary increase pool and will delay 2003 pay increases by 3 months.
The budget also includes a slight mill levy increase of .198 mills. This equates to a $3.42 increase over the previous year's mill levy for a $150,000 home. This includes a rollback in the General Fund and Fire Service Fund mill levies.
In 1994, the City's mill levy was 10.770 mills. This would equate to $185.78 in property taxes on a $150,000 house. The mill levy rate for 2003 is 7.847 mills, or $135.36 on a $150,000 house. This is a savings of over $50. As of 2003, the rollback will have saved Overland Park taxpayers over $34,000,000.Overland Park currently has the lowest property tax rate of any city in Johnson County, and of any first-class city in Kansas. The City's mill rate makes up less than 10 percent of a property owner's total tax bill in the Shawnee Mission, Blue Valley and Olathe school districts.
Property tax collections represent 16% of revenues supporting the 2003 Budget. Over 60% of the revenue raised from property taxes support Police and Fire Services.
44% of the City's revenues in 2003 are expected to be generated from sales tax. Sales tax is projected to grow by 2.5% in 2003.