Council to consider tax increase
By Caitlin Davis, Senior Staff Writer
Mar 26, 2014, 11:54
HOPEWELL — A public hearing on a proposed tax rate increase as well as the $45 million city budget has been set for April 8 at 7:45 p.m. at City Hall in Council Chambers, 300 N. Main St.
The proposed tax increase comes in two parts, one is the authorized $0.03 increase that is part of the debt services for Hopewell High School, used to pay for the over $20 million in renovations. This is the last installment of that agreement, which was $0.09 spread over the course of three years, 2010, 2012 and 2014.
The other part of the tax increase is a proposed $0.03 for cost of operations. The increase in taxes represents $1.14 per $100 of assessed value, a 5.6 percent increase.
The other topic set for public hearing is on the budget for the city for fiscal year 2014. In the budget for the city, there is a proposed 2 percent increase for the schools.
Part of the funding for the budget includes a capital projects fund at $4.9 million, a recreation fund at $1.6 million, and a CSA fund at $2.9 million. The budget for this year is a 2.8 percent increase, or $1.3 million, over last year’s $43 million budget.
The public will also have a chance to speak on appropriations that need to be made to area schools for the remainder of this fiscal year.