Fort Wayne, Ind. (Indiana’s NewsCenter) - Fort Wayne Mayor Tom Henry announced Monday that he’s prepared to offer the City Council a revised proposal for the 2013 budget.
Mayor Henry’s revised proposal continues to advocate the utilization of the State’s allowable 2.8% tax levy for 2013, he indicated he would not pursue capturing the allowable 2.9% “banked” tax levy from last year. Instead, the administration proposes using a one-time distribution of interest from Legacy funds to place in the City’s cash reserve (savings account). The projected amount would be in the range of $3-$4 million depending on the impact of property tax relief from property tax caps, which will be finalized in early 2013.
The proposal would maintain the City’s cash reserve and help taxpayers. By keeping the savings account at 10% of the property tax operating budget, the city could remain in a better position to deal with unanticipated emergencies.
Mayor Henry’s proposal also protects Legacy. By using a one-time distribution of interest from Legacy funds, the City will continue to save resources and invest in projects that will have a long-term, transformational impact on our community.
Henry says, “That helps protect the corpus of the Legacy, which is something I was very concerned about, it puts us in a position to pay back that money if we exceed the 10% cash reserve, and it will meet the financial needs of the community, as well.”
City council is scheduled to vote on the 2013 budget at its meeting on Tuesday, October 23rd.
Mayor henrys’ administration will present light lease ideas to council the following week.
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