Two-minute impact
The proposed rate presented during the Aug. 7 meeting is $0.56095 per $100 valuation, encompassing both the $0.34316 maintenance and operations rate, which includes general spending, and the $0.21779 interest and sinking rate, which includes debt servicing, according to documents provided to council. A public hearing will be held during the Aug. 21 meeting at the temporary City Hall complex, which is located at 2360 Campbell Road.
The proposed rate capitalizes on unrealized revenue from previous fiscal years in property tax rates, City Manager Don Magner said, but will keep the tax rate the same as the previous rate. However, increasing valuations mean that the average homeowner will see their tax bill increase by about $141, he said.
Digging deeper
By maintaining the same tax rate as last year, Magner said the budget could handle a 6% merit-based market adjustment for all employee salaries, including emergency personnel. That includes an increase in the city’s monthly longevity pay, which is additional pay given to employees with more than one full year of employment, to $8 per month compared to the current $4 per month.
Previously, Magner proposed an increase of $6 per month in longevity pay as previously reported by Community Impact. Additional funding will also be available for street rehabilitation, facility and park maintenance, and equipment replacement, Magner said.
