The Evansville Finance Committee met Tuesday, August 8, 2005 and recommended to the Common Council to approve General Obligation Debt totaling $3,250,000. Over $2,000,000 of this debt related to water and light projects, namely the West Side Well #3 project($1,000,000) and the electric substation ($1,100,000).
There was some discussion of the fact that the electric rates for Evansville are extremely low and that there will be a day when this will have to rise.
Included in the capital projects discussed were a new public works garage for exchange street($100,000), replacing an old structure that might be razed, and reconstruction of the Badger Drive and Higgins street area ($125,000) which is in bad shape and was not constructed properly.
The good news about growth is that the tax base is increasing. The bad news about growth always is that infrastructure needs are growing. The other bad news about growth is that it gets addictive and it may not last forever.
The way the debt is scheduled to be repaid, no principal will be repaid on the general obligation bond portion till 2011. Thus, there will not be a tax impact immediately for homeowners to expect. The city expects to again have a zero percent increase in its portion of the property tax this year due to the increase of tax base because of new building construction.
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Dick, thanks for attending the meeting last night. Just one clarification. The Finance Committee recommended that the Council authorize two debt issues. The general obligation debt issue, for things like streets, sewers, and potentially a new Public Works garage, is $1.675 million. The $3.25 million debt issue is not general obligation, but instead will be repaid only with revenue of the municipal water and electric utilities (including revenue from the new water impact fee). This revenue bond issue will finance projects like the new well and a new electric substation.
ReplyDeleteBill Connors
Evansville City Administrator
Are the 2005 tax bills coming out soon or will it be later in August?
ReplyDeleteThe city must mail the property tax bills by December 15. The city assessor will mail notices of the new assessed values sometime this month.
ReplyDeleteBill Connors
Evansville City Administrator