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Gilbert council leans toward maintaining current secondary property tax rate to preserve reserve
Summary
Staff presented three secondary tax rate options to cover debt service and reserves; most council members favored keeping the existing rate (about $0.98) to balance stability and future capacity for bond issuance.
Finance Director Kelly presented three secondary property‑tax levy options the town could adopt for next year’s debt service: a “debt service only” levy (about $0.964 rate) that keeps the rate lower but reduces future bond capacity; a middle option that maintains the current 0.98 rate and targets roughly 7% reserves; and a maximum option (just over $1.00) that would max out reserves and increase capacity to pay down debt faster.
Kelly…
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