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Fort Thomas staff presents budget that keeps tax rate steady while flagging long-term funding trade-offs
Summary
City staff presented a proposed operating and capital budget that holds the current property tax rate, details planned capital projects and warns that using reserves for one-time projects will reduce the fund balance and prompt future choices about tax rates and borrowing.
City staff presented the Fort Thomas proposed operating and capital budget to the City Council on a draft that holds the current real-estate tax rate while funding a slate of parks, streets and public-safety projects.
The presentation, led by a city staff member identified in the meeting transcript as “Speaker 2, City staff (budget presenter),” said the budget assumes the current tax rate and that the city’s total fund balance will fall to about $7.7 million under the proposed spending plan. “I went ahead and held the rate, and that's what this budget is based upon,” the staff member said during the discussion.
Why it matters: the staff…
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