The Fishers City Council is preparing to take final action on the 2023 budget and a decision on whether to approve a food and beverage tax (a 1% levy on restaurant meals).  The Finance Committee will recommend approval of those items and others at the next regular Council session October 10.  The regular council session is being conducted earlier than normal in the month due to HSE Schools being on Fall Break the following week.

Mayor Scott Fadness told committee members the budget presented at last month’s council session will be the same spending plan he will ask the council members to give final approval October 10.

Committee member Jocelyn Vare asked for more details on plans for the cash reserves.  The mayor responded this is a timing issue, based on needs for a new community center that will be revealed in coming weeks.  Also, the agreement with Carmel to share income tax proceeds will expire after 2023.

Committee Chairman John Weingardt sounded a note of caution in handling cash reserves.

“I’m going to be very, very careful with those reserves,” said Weingardt.  “With our economy going the way it’s going, where we’re heading as a country.”

Weingardt voiced concern about what a downturn in the economy would do for the city’s AAA bond rating.

Councilor David Giffel is not a member of the Finance Committee, but attended Wednesday’s meeting and asked the mayor about city funding for the arena planned as part of the Fishers District expansion.

Fadness responded the city is going into this process with “eyes wide open,” with the financing of this center not burdening the property tax rate for the city.  The city plans to dip into the Cumulative Capital Development Fund (CCD) first so that remaining money can be used for other capital projects.

The mayor is proposing a 1% Food & Beverage Tax as part of the funding package for the arena.  The latest data on how much that tax would generate in Fishers is $3.2 million per year.  The City Council is holding a public hearing on the Food & Beverage Tax proposal October 6, 5pm, at the Police Department Training Room.  The council is to vote on the tax October 10.

When asked about road projects to be funded next year, Fadness said the biggest one in 2023  would be on Cumberland Road, between 106th & 116th Streets