Stephenville city staff and city council held a special meeting Tuesday to go over highlights for the fiscal year 2012-13 budget.
City Administrator Mark Kaiser briefly outlined budget expenditures totaling $26,421,811. The monies will be allocated for various expenses and projects as well as some capital purchases.
Included in the budget were $16,092,662 designated for day-to-day operational expenses. A sum of $3,248,649 was apportioned to pay down debt with $2,349,661 of that amount earmarked to cut down the principle of the monies owed.
Seven million dollars will be slated to tackle city projects including the construction of a new fire station, street improvements, work on the water system and sewer lines, and the drilling of new water wells. The balance of the $7 million will be used to replace equipment.
Within the budget $305,000 was set aside for city employee pay adjustments. A new position is on the table for an economic development position with an estimated annual cost of $100,000.
Possible increases in taxes and fees proposed at the meeting included a 10 cent charge on volume charges for both water and sewer.
Opportunity was given for citizen input in regard to the budget, but none was offered. The council will vote to adopt the budget on Sept. 4.
The property tax rate proposed is $.485, the same as last year.
The public hearing for tax rates will be held in two sessions, the first at 5:30 p.m. Sept. 4 in council chambers. The second public hearing will be held at 5:30 p.m. Tuesday, Sept. 11.
The council vote on the tax rate will be Tuesday, Sept. 18.
Kaiser was optimistic about the city's financial state.
"We are in good financial condition and this budget reflects the dedication of the council and staff to be good stewards of the taxpayers dollars,” he said. “We are so blessed to live in a stable and diverse community."