Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: TUESDAY, March 31, 1992 TAG: 9203310166
SECTION: CURRENT PAGE: NRV-2 EDITION: NEW RIVER VALLEY
SOURCE: PAUL DELLINGER NEW RIVER VALLEY BUREAU
DATELINE: PULASKI LENGTH: Short
The tax rate advertised for the town's upcoming budget is 34 cents per $100 of property value. The 34 cents is the same rate as now but, because of Pulaski County's reassessment - which increased most property values - the town would have to reduce that to 31 cents to keep revenue about the same.
Council can adopt a rate lower than the one advertised, but cannot legally adopt one that is higher than 34 cents.
But the governing body, meeting as the town's Finance Committee, learned Saturday morning that even the 34-cent rate would leave it short of money.
"Even with the 34-cent rate, I've got to figure out some way between now and the time I submit a budget to you to save $126,000," Town Manager Don Holycross reported.
"On Tuesday night, you're faced with the decision of whether to leave the rate where it is or to lower it," he said. "All we're trying to do is provide enough information for you to make that decision."
"Thirty-four cents is just the protective measure that council has to take to protect its obligations," Councilman Nick Glenn said.
As proposed, the 1992-93 budget has no cost-of-living increase for town employees, but would include merit increases up to 4 percent.
Before adjourning its Saturday morning Town Council meeting to convene as the Finance Committee, town officials spent more than an hour in closed session to discuss a legal matter. No action on the matter was taken when the meeting re-opened to the public.
by CNB