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Council abates property-tax levy on several bond series, averting $2.83 million increase
Summary
Council adopted a resolution to abate property taxes for multiple general-obligation bond series, preventing a projected $2,831,661 property-tax increase; staff said alternative budgeted revenues will cover the payments.
City staff told the council that the proposed resolutions to abate the property tax levy for several general-obligation bond series would prevent property taxes from increasing by $2,831,661 and would not affect the city's budget because alternate revenue sources already budgeted will cover the payments. "Without the abatement, property taxes would increase by $2,831,661," staff said in the presentation.
The resolution directs the city clerk to file the abatement with the county clerk so the county will not extend the property tax levy for those bond payments. Council approved the abatement by roll call, 7–0.
