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White Oak City Council seeks to avoid tax hike

White Oak City Council seeks to avoid tax hike
mgnonline.com
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Friday, July 25, 2014 - 9:45am

City Hall staff will re-crunch the numbers and identify cuts in coming days to deal with a 2015 spending plan that promised a deficit — triggering potential water and tax rate increases — in the first look City Council members took Thursday.

“We’re in the hole, right now, budget wise, $62,025,” City Secretary Sherry Roberts said. “I really think by the time the revenues and expenditures come in, we’ll only show a deficit of $17,226.”

Roberts had good news on the spending side, noting that department heads are on track to spend $59,000 less than anticipated by the Sept. 30 end of the fiscal year.

The council’s challenge is aggravated by property values that were certified this past week. Property citywide, on which the coming year’s tax rate will be based, is worth $5.5 million less than this past year.

That means the council will need about a 1-cent tax rate increase, to 53 cents per $100 property value, to bring in the same revenue next year as in this year’s budget.
 

Read more from the Longview News-Journal.

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