The good news is that the Local Receipts estimate was in fact increased by $2,460,000. Our thoughts initially was that this would then lower the amount that would need to be raised through the Tax Levy by the same amount $2,460,000. Instead pf all these monies going to reduce the Tax Levy it was split up:
- 50% of this amount went to the OPEB Trust Fund
- 30% of this amount went to the Bond Stabilization Fund
- 20% to against the Tax Levy (492,506)
Although we would have liked to have seen all the monies to reduce the tax bills for the Commercial and Residential taxpayers, putting the monies towards OPEN and the Bond Stabilization Fund are good investments for the same taxpayers. Still consider it a win for the taxpayers.
Bottom line two of our budget saving ideas saved the taxpayer $3,5000,000 in FY17
- North High $3,000,000
- Local Receipts $500,000
Very excites that will see more of our budget saving ideas adopted in FY18.
Worcester City Council just approved fiscal 2017 tax rates at 19.22 x 1,000 residential; $32.93 x 1,000 commercial/industrial.
— Steven H. Foskett Jr (@SteveFoskettTG) December 21, 2016