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City OKs preliminary budget with 4-mill tax increase
City property owners will see their city tax bill increase next year.
The 2010 city budget will include a 4-mill property tax increase to fund street repairs and a $600,000 tax revenue anticipation note to sustain its general fund until tax dollars begin arriving in the spring.
The city council Thursday night approved the preliminary reading of the $7.36 million budget, which will be finalized in December.
The 2010 budget is almost $500,000 more than the $6.87 million 2009 budget, attributable to an increase in the city's employee health insurance costs, which will jump from $733,000 in 2009 to $898,000 in 2010, as well as a $500,000 loan the council plans to take in late spring to pay for street repairs.
The city intends to raise its debt service tax millage rate from 5 to 9 mills to pay back the loan over two years, increasing the overall property tax millage rate remained to 41.5 mills.
That rate includes a tax rate for general purposes at 30 mills, tax rate for debt service at 9 mills, a recreation tax of 2 mills and a 0.5 mill library tax.
By The Associated Press
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