After Wednesday night’s detailed presentations, Assembly Finance Committee members should know everything they need to know about the fiscal year 2014 proposed budget and a slight increase in the mill rate.
City Finance Director Bob Bartholomew presented the budget, going line by line, item by item and column by column while explaining the revised budget to the committee.
A proposed 0.10 increase to the mill rate—which is used to calculate property taxes — will increase the rate from 10.55 to 10.66.
The mill rate has not changed since 2011. A mill is defined as one-tenth of a penny or one-thousandth of a dollar.
Prior to reconsideration, the mill rate was set to increase by 0.23 and would unilaterally affect property value assessments.
In other business, the committee learned that the final budget set to go to before the full Assembly stands at $322,001,800 and reflects a difference of nearly $2 million. A capital improvement plan — the 1 percent tax increase—proposed for the next six fiscal years, will also be heard by the full Assembly next week.
The ordinance change along with the adopted budget and capital improvement plan will go before the full Assembly for adoption June 3.
• Contact reporter Kenneth Rosen at 523-2250 or at email@example.com.