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Clayton council keeps cumulative capital development fund at current rate for now
Summary
Financial advisors recommended reestablishing the cumulative capital development fund at a higher rate to offset expiring local taxes, but the council reached consensus to keep the existing 3.33¢ per $100 assessed value rate and revisit the decision next year.
Town of Clayton council members discussed whether to reestablish the cumulative capital development fund at a higher rate to make up for anticipated lost revenues from the eventual expiration of EDIT and LIT funds. Financial Solutions Group recommended increasing the rate to 5¢ per $100 assessed value; the recommendation was presented as a way to preserve…
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