JAMESTOWN – Mayor Sam Teresi is calling for a $34.7 million budget next year that would include a 2.86 percent increase in the property tax rate.
On Wednesday afternoon, Teresi presented his 2015 spending plan, which contains a spending increase of nearly $1.2 million – or 3.58 percent over the current year’s adopted budget.
As part of the spending plan, the executive budget is calling for a $346,624 increase in the tax levy – bringing the new total to $15.1 million. That’s just $36,688 under the state’s tax cap. The change in the tax levy would equal a 2.86 percent increase in the tax rate for property owners – bringing the new tax rate to $22.67 per thousand assessed value, or an increase of 63 cents per thousand.
Jamestown Mayor Sam Teresi
However, because the proposed spending plan is under the state’s tax cap, Teresi explained that homeowners in the city will be eligible to receive a rebate check from the state that will cover the increase.
- VISIT THE EXECUTIVE BUDGET CENTER ON THE CITY’S WEBSITE
Jamestown City Council will spend the next several weeks reviewing the budget. It has until Dec. 1 to pass a spending plan or the executive budget will go into effect next year.
For those who want to view the proposed spending plan line by line, copies are available for viewing in the mayor’s and city clerk’s office, located at 200 E. Third St., and at the James Prendergast Library, which is located at 509 Cherry St.
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