News Flash

2017 City News Releases

Posted on: July 5, 2017

Committee considers use of level property tax for unfunded needs

FOR IMMEDIATE RELEASE
 

Springfield City Council’s Finance & Administration Committee met Wednesday to discuss a possible continuation of the City’s level property tax levy (LPT) to pay for unfunded capital improvement needs. The continuation would not be a tax increase, and bringing the issue back to voters would clarify authorized uses of the level tax, which has been in place since 1995. A future committee meeting will look at identified needs for the funding.

  

Currently, Springfield residents pay a 27-cent property tax (per $100 of assessed value), which generates about $8 million per year. Renewed by voters in 1999, 2001 and 2004, the LPT has funded large-scale capital projects, such as police and fire station construction, public safety apparatus, stormwater improvement projects and emergency storm warning systems. All of the projects have been completed as promised with no increase in the tax rate.

  

Public safety would again be a priority for any future use of the ongoing tax, and the City has a long list of identified needs that it currently does not have a funding source for.

  

LPT primarily funds projects via issuance of debt, with bonds issued and paid off over multiple years. As debt gets paid down and projects are completed, more “headroom” is available to address urgent needs. The current tax will sunset when the last bond payments, which is presently expected to occur in 2031.

  

The committee will reconvene in a few weeks to review the identified needs and potential costs of funding those needs.

 

# # #

  

Springfield City Council has four identified priorities: Public Safety, Fiscal Sustainability, Economic Vitality and Legislative Engagement. The use of a level property tax for additional identified funding needs falls under the priorities of both fiscal sustainability and public safety. 

 

For more information, contact Cora Scott, Director of Public Information & Civic Engagement, at 417-380-3352 or cscott@springfieldmo.gov.

  




Download the presentation.
Facebook Twitter Email

Other News in 2017 City News Releases

summary.jpg

Dec. 11 City Council meeting summary

Posted on: December 11, 2017
summary.jpg

Nov. 27 City Council meeting summary

Posted on: November 27, 2017
summary.jpg

Nov. 13 City Council meeting summary

Posted on: November 13, 2017

Petition to repeal pit bull ban sufficient

Posted on: November 20, 2017
summary.jpg

Oct. 30 City Council meeting summary

Posted on: October 30, 2017

HUD approves City’s Annual Action Plan

Posted on: October 24, 2017
summary.jpg

Oct. 16 City Council meeting summary

Posted on: October 16, 2017
____________________________________________________________________________________________________

July sales tax revenue up

Posted on: July 8, 2014
summary.jpg

Oct. 2 City Council meeting summary

Posted on: October 2, 2017
summary.jpg

Sept. 18 City Council meeting summary

Posted on: September 6, 2017

Sept. 5 City Council meeting summary

Posted on: September 6, 2017

Group cited for aggressive panhandling

Posted on: August 31, 2017

Aug. 21 City Council meeting summary

Posted on: August 21, 2017

Aug. 7 City Council meeting summary

Posted on: August 7, 2017

July 24 City Council meeting summary

Posted on: July 24, 2017

July 10 City Council meeting summary

Posted on: July 11, 2017

June 26 City Council meeting summary

Posted on: June 26, 2017

June 12 City Council meeting summary

Posted on: June 12, 2017

Day 1 of MARC a success

Posted on: June 5, 2017

April 17 City Council meeting summary

Posted on: April 17, 2017

April 3 City Council meeting summary

Posted on: April 3, 2017

AT&T service to 9-1-1 restored

Posted on: April 3, 2017

March 20 City Council meeting summary

Posted on: March 20, 2017

AT&T customers unable to call 9-1-1

Posted on: March 8, 2017

March 6 City Council meeting summary

Posted on: March 6, 2017

Feb. 21 City Council meeting summary

Posted on: February 21, 2017

Feb. 6 City Council meeting summary

Posted on: February 6, 2017

Jan. 23 City Council meeting summary

Posted on: January 23, 2017

Jan. 9 City Council meeting summary

Posted on: January 9, 2017