“We've completed our evaluation of the tax rate,” Walker told the council. “The values have gone up considerably over the prior year, and additionally over what we included in our budget estimates. We had originally based the budget on an estimate of $515 million and the taxable values were certified at slightly over $524 million.

“What we're suggesting to the council is we adopt a rate that is slightly below (last year's rate of $1.0227). It would be $1.0132 per $100 valuation, which is a decrease in the tax rate of almost one penny.”

Walker said the savings over last year's tax rate will be less than $10 for the majority of city taxpayers.

“The average residential home is valued at slightly more than $40,000,” said Walker. “That would be a decrease to the taxpayer of $3.43. On a home valued at $100,000, it would mean a decrease of $8.57. It's still sufficient to fund the budget we brought to the council, and we'll be bringing it back to the council for first reading during the next meeting.”

According to previous reports from Walker, the tax rate consists of 68.54 cents for the general fund; 8.07 cents to fund the Big Spring Police Department's Narcotics Task Force; 2.42 cents to refund obligation bonds from 2002; 22.53 cents for general obligation bonds for the Roy Anderson Sports Complex and streets project; and .69 cents for certificates of obligation for the rehabilitation of the Northside Water facility and the new annex for the municipal animal shelter.

Mayor Russ McEwen took a motion and a second from the council to approve the new $1.0132 rate, saying the vote was simply an indication the council was ready to move forward with the measure.

“This would indicate whether you are wanting to put this amount of tax into the current budget,” said McEwen. “This is just an indication.”

The council indicated its approval of the rate unanimously and is expected to vote on first reading of the rate during its Aug. 26 meeting, at which time a public hearing will also be held on the matter.