At today’s Special Meeting, our City Council voted unanimously to cap the City tax rate at the no-new-revenue rate of $0.832001 for each $100 of property valuation.
That means that our City property tax will not increase for the first time in at least ten years.
Even the Oligarchy Caucus fell into line and voted with the fiscal hawks!
Kudos to Interim City Manager Westin for achieving what Tommy Gonzalez failed to achieve for eight years in a row!
Westin’s plan calls for using the $37.6 million budget surplus from this fiscal year to pay off the entire remaining principal for Transportation Reinvestment Zone #2, saving the City $20 million in interest and providing $8 million of additional annual revenue for the General Fund.
This is great news for residential home owners, commercial property investors, and the taxpayers at large.
There will be a final vote on the City budget in August, but today’s vote means the tax rate cannot exceed $0.832001.