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<br />I <br /> <br />I <br /> <br />ROLL CALL <br /> <br />TAXATION <br /> <br />M I NUT E S <br /> <br />16:6344 <br /> <br />ADJOURNED REGULAR MEETING <br /> <br />AUGUST 27, 1964 <br /> <br />Pursuant to the order of adjournment of the adjourned regular meeting <br />of the City Council of August 20, 1964, the City Council of the City <br />of Arcadia met in adjourned regular session on August 27, 1964 at 7:30 <br />P. M., in the Council Chamber of the City Hall. <br /> <br />PRESENT: Councilm,en Balser, Considine, Forman, Reibold, Turner <br />ABSENT: None <br /> <br />The tax rate for the fiscal year 1964-65, the City's financial position, <br />its capital improvement projects program, the balance in the surplus <br />fund which has increased from $736,491 in 1963-64 to $815,596, <br />potential revenue sources and the amount to be saved by a reduction of <br />5~ in the tax rate as proposed by Councilman Balser, were discussed in <br />detail. <br /> <br />Councilman Reibold stated in part that he does not favor a tax reduc- <br />tion at this time as he feels that to so do might make it necessary to <br />increase the tax rate next year as a result of the loss of revenue due <br />to the tax cut; that in his opinion it would be poor planning on the <br />part of the City Council should this occur. <br /> <br />Councilman Forman stated in part that the City is in sound financial <br />condition and sufficient monies are available to cover emergencies <br />should an unforeseen change in the revenue occur; that the property <br />owners are being put upon by other governmental agencies as far as <br />taxation is concerned and that the City should set a tax rate which <br />would keep it in a sound position and still be beneficial to the in- <br />dividual property owner. <br /> <br />Councilman Considine explored the amount to be saved by a reduction <br />of 5~ per $100 assessed valuation, and in answer to his query regard- <br />ing sufficient funds to complete the central area project the City <br />Manager explained that the City has additional land to sell which <br />could go toward the completion of the combined city yard construction; <br />he added that he had advocated a tax cut for the last few years and <br />his thinking. had not changed but that he had made no recommendation <br />this year. <br /> <br />Mayor Turner stated in part that it is difficult for him to reconcile <br />his thinking toward a tax reduction when it might be necessary to <br />increase it next year; in answer to his inquiry as to potential <br />revenue figures from the sale of city land for the construction of <br />the city yard the City Manager advised that there will be an approxi- <br />mate construction cost of $400,000 for the project and he then <br />categorically referred to the various sites which the City could sell. <br /> <br />Councilman Balser stated in part that in his opinion the surplus <br />balance should not be built up; that a government agency should not <br />set a tax rate higher than its needs for operational purposes; that <br />the property owner should benefit from a reduction which is justified <br />in his opinion. He thereupon MOVED that the tax rate for the City be <br />set at $1.05 per $100 assessed valuation for the fiscal year 1964-65. <br />Motion seconded by Councilman Forman and carried on roll call vote <br />as follows: <br /> <br />AYES: Councilmen Balser, Considine, Forman, Reibold, Turner <br />NOES: None <br />ABSENT: None <br /> <br />1 <br /> <br />8-27-64 <br />