Laserfiche WebLink
<br />v", 1'( 3 <br />;(, , <br /> <br /> WEDNESDAY, MAY 7, 1986 <br />EXHIBIT III <br />- TABLE 5.3 <br /> LOCAL PROPERTY TAXES <br /> Average Nominal Tax Rates*--Tax Years 1975-84 <br /> Tangible Public <br /> Real Personal Machinery Merchants' Service <br />Tax Year Estate Property and Tools Capital Corporations <br />1975. $2.94 $4.01 $2.75 $1.59 $3.08 <br />1976. 3.04 4.19 2.79 1. 62 3.27 <br />1977 . 1. 61 4.04 2.83 1.68 1.84 <br />1978. 1.40 3.97 2.86 1. 63 1.54 <br />1979. . 1. 23 3.92 2.56 1. 54 1. 24 <br />1980. 1.12 3.86 2.65 1. 54 1.08 <br />1981. 1.07 3.71 2.51 1.48 .98 <br />1982. 1.03 3.72 2.33 1.37 .90 <br />1983. 1.02 3.72 2.37 1. 36 .87 <br />1984. 1.02 3.63 2.41 1.36 .85 <br />,'< Per $100 of Assessed Value. <br /> <br />During the ensuing discussion of the foregoing memorandum, Mr. Brown explained that the <br /> <br />recommended pay reclassification adjustment (for Police Department personnel) was pre- <br /> <br />dicated upon anticipated adjustments (by the State Compensation Board) of salaries for <br /> <br />the City Sheriff's personnel and, consequently, designed to avoid a possible morale <br /> <br />problem within the Police Department. Questions were then raised by members of Council-- <br /> <br />and responses made--regarding the effect, morale and costwise, of reducing proposed <br /> <br />salaries for Police Department personnel to 5% as well as the proposed upgrading of the <br /> <br />City's data processing system, the amount of fund surplus balances projected, and record- <br /> <br />keeping now required to ensure eligibility for State highway funds. <br /> <br />Mayor Cole presented a tabulation, accompanied by excerpts from prior years' budgets <br /> <br />(beginning with 1976-77 and continuing through projected 1986-87), portraying and <br /> <br />"tracking" unappropriated surplus balances, from which Mayor Cole concluded that the <br /> <br />initially-recommended 1986-87 budget can be adopted without imposing a real estate tax <br /> <br />rate increase. Mayor Cole also observed that, while he very much favors setting aside <br /> <br />funds to meet future capital outlay needs, there is a need for Council to discuss and/or <br /> <br />--. ..~. ""- -'- - - ~.~.,.,,-"'"-.-'---"".._'-"._-""._,_."---'''".~._,---~-----,----''''~ <br /> <br />"_._----~_._-_._".._~-,- <br />