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Big Spring City Council is expected to approve a tax rate for the 2013-2014 fiscal year when it meets at 5:30 p.m. Tuesday in council chambers, 307 E. Fourth St.
The meeting is expected to be brief â€” a public hearing on and probable adoption of the proposed rate are the only items on the agenda.
Earlier this month, council members gave tentative approval to a rate of 85.664 cents per $100 valuation, which is above the effective rate (which would raise the same amount of revenue as the previous year) but below the rollback rate (which could trigger a tax rollback election).
Because of increased property valuations within the city, the effective rate for the new budget would be 76.2733 cents per $100 valuation. However, officials had planned to keep the previous tax rate â€” 86.5 cents â€” to finance pay increases for city employees, water and sewer line replacement, sealcoating projects and work on a new landfill, along with other items.
Assistant Finance Manager Don Moore said earlier this month budget planners had to go back to the drawing board when they discovered that the tax rate they wanted to go with exceeded the rollback rate.
Council members were unanimous in their tentative support for the proposed tax rate.