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Work session: staff outlines tax-rate options, five-year compounding impacts and recommended bond redemption
Summary
Staff presented tax-rate options and a five-year projection showing how repeated mid-level rate choices could reduce cumulative revenues by millions; staff recommended a $600,000 bond-redemption from the stabilization fund to buy down future debt service and increase flexibility.
City staff presented a work-session analysis of tax-rate options and the multi-year, compounding effect of repeated rate decisions. The presentation covered the voter-approval tax rate included in the proposed budget, a midpoint tax-rate option (roughly a 1% increase over the current rate), a no-new-revenue rate and an option modeled with a 2.5% growth assumption tied to potential legislative change.
Staff walked the council through how a single tax-rate choice compounds over five years. Using conservative assumptions (1% growth in taxable value, 1% new improvements, 1.5% annual…
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