Bulletin staff report
EARLY — The Early City Council held its second and final public hearing Tuesday on a proposed tax rate of 48 cents per $100 valuation.
The tax rate, which takes effect on Oct. 1 when the new fiscal year begins, is lower than the 2006-’07 rate of 50.32 cents. Public hearings were required because the city will take in more property tax revenue in 2007-’08 than it did in 2006-’07, City Administrator Ken Thomas said.
That amount is increasing by $51,800, Thomas said.
Council members approved a preliminary budget of $4.25 million in revenue and $3.95 million in expenditures on Aug. 28, and held the first public hearing on the tax proposed tax rate on Sept. 6.
The 2006-’07 budget had revenue of $3.9 million and expenditures of $3.6 million.
The new budget has pay hikes of 10 percent for city employees who earn less than $25,000 a year and 3 percent for all other employees.
Council members will adopt the budget and tax rate on Sept. 25.