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City Council Meeting <br />June 17, 2002 <br />Page 10 <br />have not been finalized at this time. <br />The City Manager stated that the city has received a petition from the Firefighters <br />Association asking for an election for a pay increase. Information about what the <br />pay increase might cost has been furnished to the City CounciL Mr. Malone said <br />that the cost could be as much as five cents in addition to the current tax rate. <br />City Manager Malone roughly estimated that the city would gain revenue of <br />approximately $300,000.00 due to the additional values if we keep the same rate, <br />and pointed out that the loss of sales tax and replacing it with ad valorem tax <br />would approximate about five cents, and the possible cost of the pay referendum <br />would be about five cents if it passed, and the cost of the new debt for the police <br />and courts building could be as much as five cents. The city manager pointed out <br />that it was possible that it might take fifteen cents to be added to the present <br />sixty-one cent tax rate to cover these increases. <br />Mayor Pfiester requested that the City Council receive the proposed budget as <br />soon as possible. <br />A motion was made by Councilman McCarthy, seconded by Mayor Pro Tem <br />Manning, to adjourn the meeting. The motion carried 7 ayes, 0 nays. <br />MICHAEL J. PFIESTER, MAYOR <br />ATTEST: <br />MATTIE CUNNINGHAM, CITY CLERK <br />