4 months ago by Bob Gough
Levy falls short of paying pension obligations; General fund revenue will be needed
The Quincy City Council will consider a 3 percent property tax increase at its meeting next week.
At a special Finance Committee meeting late Wednesday afternoon, the Committee heard the administration’s plan for a $5.8 million levy, up from $5.655 million last year.
The proposed tax rate of $1.0613 per $100 of assessed valuation is an increase from 99.359 cents.
Quincy Mayor Kyle Moore had considered three options to recommend to the Council, one of which was a 6 percent increase and the other was a flat levy.
The 3 percent increase will still require the City to use $215,516 out of the general fund to shore up the growing Police and Fire pension obligations. The City will levy $1.58 million for police pensions and $2.072 million for fire pensions.
Along with the pensions, the levy also goes toward bond payments, the Quincy Public Library and the Historic Quincy Business District.