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VICTORIA ADOPTS PRELIMINARY 2012 BUDGET TAX FATE FOR 2012 PROPOSED TO INCREASE On September 12th, councilmembers approved Victoria's Preliminary 2012 Tax Levy ($4,100,492), the proposed 2012 General Fund Operating Budget ($3,729,005), and the 2012 Operating Budget of the Victoria Recreation Center ($1,073,078 which includes a tax levy of $250,000). The words "preliminary" and "proposed" are used because the final levy and budget will not be approved until December. It's that way every year. And every year, the levy number that is approved in September cannot be increased in December, but it can be decreased. In reviewing budget discussions reported at length in the September issue of the Gazette (online at www.VictoriaGazette.com), it becomes apparent that Scenario D7 won out over Scenario D1. In other words, the tax rate will float upward, streets will be properly maintained, transfers will continue to be provided to funds for future capital expenditures, and if council chooses to go ahead with a new Public Works Building, the city will be able to meet the annual debt payments. The proposed levy and budget compare as follows with last year's numbers:
Total tax levy in 2011: $4,106, 550 Proposed levy for 2012: $4,100, 492
Adopted 2011 Budget: $3,673,227 Proposed for 2012: $3,729,005
The City of Victoria's levy includes three components: The General Fund Levy ($3,010,692), the Recreation Center Levy ($250,000), and the Special Levies for Debt Service ($839,800). Those three components total $4,100,492. Finance Director Jylan Johnson pointed out that 80% of city taxes go to operations and 20% to debt service.
LEVY PROPOSED FOR 2012 General Fund Levy ......................... $3,010,692 Victoria Recreation Center ................ $250,000 Diethelm Park Land Lease .................. $86,800 G.O. 2004 Improvement Bonds .......... $92,700 G.O. 2006 Improvement Bonds ........ $151,300 G.O. 2007 Improvement Bonds ........ $125,200 G.O. 2008 Improvement Bonds ........ $122,000 G.O. 2009 Improvement Bonds ........ $170,000 G.O. 2010 Improvement Bonds .......... $91,800 TOTAL CERTIFIED LEVY $4,100,492
The levy for the Diethelm Park Land pays for the city's lease of the land from the Victoria Economic Development Authority. The EDA (the Victoria City Council, in fact) issued revenue bonds to finance the purchase of Diethelm Park in December of 1998. The bonds will be repaid in full in February of 2018. Each of the six General Obligation Improvement Bonds listed above is related to the city's 50% share of road reconstruction costs in the various Victoria neighborhoods during the identified years: 2004 (Parkside, Smithtown, Virginia Shores); 2006 (Lilac Circle, Hyacinth, Wintergreen, Kirche Lachen, Bayview, 77th Street); 2007 (Woodstone Drive, Smithtown); 2008 (Baycliffe, 80th Street, Victoria Circle); 2009 (Lions Park Area, Hartwood, Downtown Phase II); 2010 (Lake Auburn). The proposed 2012 tax levy is a decrease of $6,058 (or a .15% decrease) from the 2011 tax levy. The preliminary 2012 budget is an increase of $55,778 (or a 1.5% increase) over the 2011 budget. As Mayor Mary Thun said on September 12th, "This is our first crack at it. We get another crack in December." It was acknowledged that several hours, meetings, and discussions transpired prior to adoption of the proposed 2012 levy and budget. Jylan Johnson pointed out that there is an increase in the tax rate with the proposed 2012 levy. It is going from 37.4% in 2011 (and also 2010) to 38.9% in 2012. A tax rate of 38.9% means that a tax of $3.89 is paid per $1,000 in property valuation. Jylan pointed out despite the increase in tax rate, that taxes paid on a median value home in Victoria are going down.
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