lawrenceburgnow.com
lawrenceburgnow.com

Thursday, July 24, 2008

Lawrenceburg Council Votes To Lower Property Tax Rate

2008-’09 budget gains first approval

   Members of the board that governs the City of Lawrenceburg voted unanimously Thursday to lower the property tax rate of all city residents.

   The vote was held during a regular bi-monthly business meeting of the Lawrenceburg Board of Mayor and Council Thursday morning.

   During the meeting Mayor Keith Durham made the proposal to lower the city’s tax rate by $.05 per $100 of assessed valued. The vote lowers the city’s property tax rate from the previous $1.54 to $1.49.

   The vote was held in conjunction with a vote regarding the city’s 2008-2009 budget ordinance, which also gained approval on first reading. Under the financial plan approved, city leaders predict some $10.5 million in expenditures, and $10.1 million in revenues. The remaining $391,200 will come from the last fiscal year’s surplus fund balance.

   Leaders explained that revenues were higher than anticipated during the 2007-2008 fiscal year, resulting in the surplus. At the same time, they pointed out, department supervisors kept their budgets on-track with no unforeseen expenses.

   “We can operate this year,” Durham pointed out, “without it (the $.05).” He did emphasize, however, “This doesn’t mean that we won’t have to increase it next year.”

   Council members agreed, voting unanimously to initiate the tax break.

   A public hearing on the budget ordinance and property tax rate will be held at the Lawrenceburg City Administration Building prior to the council’s Thursday, August 14, 2008, meeting. Both ordinances must gain approval on second reading before becoming effective.

   The council’s next meeting will get underway at 8:30 a.m. inside the commission meeting room.

 

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