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CITY COUNCIL OF THE MAYOR AND COUNCIL OF NEW CASTLE Present: Council President William Blest Others Present: City Administrator Cathryn Thomas, Finance/HR Director Marian Delaney Council President Blest called the meeting to order at 5:25 p.m. The Council members noted the budget is set with items tentatively approved to be included. Some added items, including needed personnel and equipment, result in an increase in expenses. Some items on the revenue side were also discussed, however no changes were made. It was noted the difficulty in accurate revenue projections for items such as building permits and transfer taxes, as there is no way to know what the level of activity will be for the coming budget year. Council discussed the various tax rate scenarios. The Council discussed how the numbers would change for the rates of $1.12, $1.13, $1.14 and $1.15. After some discussion, the consensus of the Council members was that it was reasonable to raise the rate to $1.15, considering the future fiscal challenges the City may face. With no tax increase the previous year, the two year average with this increase is equal to about the annual rate of inflation. This also translates into $24 more per year for City taxes for a property with an average assessed value, or $2 per month for the majority of property owners who pay their taxes along with their mortgage. Councilperson Churchill reported on research showing average assessed values for various neighborhoods around the City and reported what increases the individual neighborhoods would realize. Those numbers confirmed the $24 average A Motion was made by Councilperson Churchill, Seconded by Councilperson Reese, to The meeting was adjourned at 5:57 p.m. Respectfully submitted, Jill DiAngelo, |
