The Stephenville City Council meets tonight to address several city financial matters including setting the property tax rate for 2016, budget amendments and replenishing utility reserves at $2 million.
Nick Williams, director of public works, explains, “That $2 million is to replenish the utility reserves used for the TSU Methodist Branch SS [Utilities] Project and can be used as seed monies for other projects such as the Eastside Sewer Project and Community Development Block Grant.”
The agenda indicates that those monies will be raised by a bond issue with a 10-year repayment period ending in 2027.
In regards to the property tax rate. the city council will adopt the tax rate per $100,000 valuation for 2016 as follows:
$0.4454 for the purpose of maintenance and operation
$0.0446for the payment of principal and interest on bonds
$0.4900 Total Tax Rate
The city council will also consider several amendments – too numerous to mention here − to the FY 2015-16 budget.
Those amendments and tonight’s agenda are posted on the City of Stephenville website at www.stephenvilletx.gov. Click on the “Government” tab at the top of the page and follow the links.
The meeting will be held at 5:30 p.m. in Stephenville City Hall at 298 West Washington Street.