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City Council Meeting <br />August 16, 2000 <br />Page 4 <br />$2.51 a month, or $.825 per day on the average home value within the city. <br />Mr. Anderson said on the second page of the notice, which is a new item on the <br />notice, that if the city adopted the rollback rate, the city has to state that there <br />would be an increase in the taxes collected compared to 1999 taxes, that is, if <br />you applied the effective rate to the new value, the taxes would actually <br />increase $199,734.00. Mr. Anderson said what the $199,734.00 represents is <br />the increase in taxes that the city would receive from new property that was on <br />the tax roll for the first time, either newly built or newly annexed, and this year <br />we have a combination of both of those. Mr. Anderson drew the Council's <br />attention to the section concerning debt service. He said the city has two <br />outstanding tax supported debt issues. The Certificates of Obligation issued <br />in 1993 requiring a total payment of principle and interest of $405,163.00. The <br />second issue is the Combination and Tax and Revenue Certificate of Obligation <br />issued this year and the city will be paying $525,926.00 for that debt. Mr. <br />Anderson said the total debt payment is $931,089.00. Mr. Anderson said this <br />new debt will cause the tax rate to increase over the 3% that the city is allowed <br />to increase without having to have the notices and the public hearings. Mr. <br />Anderson said the city will have to have two quarter pages published in the <br />paper and will have to have a public hearing on the tax increase for the debt <br />issuance alone. <br />Mr. Anderson presented the budget for the Finance Department and pointed out <br />that the City Council can see by just looking at the front page summary, his <br />over all budget is down about $40,000.00 and that represents primarily a <br />decrease in the capital expenditures from last year to the coming year. Mr. <br />Anderson said he did a major upgrade to the computer system in this current <br />year and that is not a repeated item. Mr. Anderson said on the second page the <br />bottom three lines, items 16, 17, and 18 did increase. He said that item 16 and <br />17 are the amounts of money that the city is billed by the Lamar County <br />Appraisal District to do assessments and collections for the city, so the <br />assessment request is $81,055.00 and that is dictated by the Appraisal District <br />budget. The appraisal collection line item is $29,290.00 and this is also <br />dictated by the Appraisal District. Mr. Anderson said the last line item 18, <br />