City in Strong Financial Position say Officials
City officials are saying the city is in a strong financial position.
The sound financial position of the city that was heavily discussed last week before City Councilors took a vote on the tax rate.
“I still believe the financial health of our city is strong,” said City Councilor Michael Ossing who chairs the Finance Committee.
Officials highlighted the amount of taxes that the city is not collecting. Under the current calculations, the city could collect up to $111 million in taxes without an override vote, but is only collecting $86 milion.
The taxes have seen a slight increase for both residents and commercial properties, but not as much as it could have been, according to Ossing. If the taxes were brought in at the full levy limit, an increase of $25 million, the average household would see an increase of $1,375 in their taxes, he said.
“I think we want to save that should we get into difficult financial times," said Ossing of the additional ability to tax.
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Maintaining attractive tax rates will help bring both additional residential and commercial property owners into the city, he said.
There are additional expenses coming down the line, said Ossing citing a new Senior Center and bonds on the Water Treatment Center. However, overall the city is in sound financial shape.