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<br />the public, should specifically take note are itemized as follows: <br /> <br />1. The budget is, as previously noted, balanced, continuing a record of such <br /> <br />a standard to which the city has had claim for many budgets over the past. <br /> <br />2. Provides for and is based upon a new tax rate of $1.90 on real property <br /> <br />and public service corporations and continues a rate of $2.25 on personal <br /> <br />property, both per one hundred dollars of as ses sed valuation. Elaboration <br /> <br />on the circumstances of the real and service corporation rate is set out on <br /> <br />page 32 of this memorandum. <br /> <br />3. Anticipates no increase in business and professional license revenue over <br /> <br />that actually estimated to be received in 1958-59, $280,000. It is considered <br /> <br />that any normal increas e will be offset by the rate reduction and reclas sifi- <br /> <br />cation in certain categories as authorized by Council in recent months. <br /> <br />4. Continues all utility rates and other charges for services at the schedules <br /> <br />prevailing at the close of the current fiscal year. <br /> <br />5. Provides adequate funds to meet debt obligations and interest thereon as <br /> <br />will fall due on the coming year. Those debt payments are: <br /> <br />Water Utility <br />Electric Utility <br />General Fund <br />Schools <br />Total <br /> <br />$102, 300.00 (34. 3% of water revenue) <br />13,157.00 <br />14,100.00 <br />263,055.50 <br />$392,612.50 <br /> <br />6. Meets the request of the School Board for funds for operation of the city <br /> <br />school system with the exception of what is considered to be a small <br /> <br />- 11 - <br />