FOR IMMEDIATE RELEASE
(314) 872-2511
FY 06 Budget Hearing June 13 at
CREVE COEUR –Currently reviewing the proposed budget
for FY 06 (beginning July 1), the City Council will host a public hearing
during the June 13 City Council meeting at
Considerably
improved over last year, this year’s general fund budget reflects a strong
commitment to maintaining the city's high service levels. Last year’s budget
deficit for the general fund with transfers exceeded $1.6 million; this year
the proposed deficit for the general fund is less than $300,000. This
improvement has resulted largely from an increase in revenues from the city's
gross receipts tax on utilities along with the elimination of several staff
positions.
Although
significant progress has been made in reducing the deficit, further work is
needed. For that reason the city is proposing to slightly increase the current
property tax. It is estimated that the increased property taxes for a homeowner
with a $350,000 home will be approximately $14 annually and will generate
$130,000 in additional income. On a total tax bill of approximately $4,600 the
city's total portion will continue to be less than $61.
Even
with the additional revenue, more action is required to fully eliminate the
general fund deficit. The city is currently reviewing a number of options to
generate additional revenues or reduce expenditures in order to achieve a
balanced budget in the future. As always, the city's Economic Development
Commission is working to help expand the city's tax base to offset the need for
increased taxes or service reductions.
Please
visit the city's Web site at www.creve-coeur.org to view the proposed FY 2006
budget and other related documents. Residents are encouraged to contact Mayor Dielmann, City Council Members, or the city administrator
with comments.
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