Spencer, IA (KICD)–Spencer’s tax rate won’t be going up as much as was originally thought.
City manager Bob Fagen gave an overview of the proposed 2014-2015 budget at Monday night’s city council session. It was originally thought that a 50 cent increase would be needed.
A tax rate of $11.99 per $1,000 of property valuation is up 16 cents from the current year.
With an increase in TIF valuation factored in the city will see 1.47 percent growth in their budget.
A public hearing on the 2014-2015 budget will be held at the next regular council meeting.
In other news the council approved a $150,000 contribution towards the Spencer Police and Communications Center relocation project. The proceeds to pay for the project will be coming from the sale of the current Police Building at $100,000 and $50,000 in Police Reserves. Clay County is also contributing $150,000 and the E911 Board will be responsible for the remaining $360,000 needed for the project which is now projected to be complete sometime in May.