The Village of Tiki Island Board of Aldermen on Monday voted unanimously to adopt a $973,035 (Correct) budget for FY2013.
The village board voted to adopt a 2012 property tax rate of $0.278301 per $100 valuation. The rate is equal to the rollback rate. Adoption of a tax rate exceeding the rollback rate requires voter approval.
Revenues from $0.239763 per $100 valuation will be dedicated to maintenance and operations of the village, while the revenues from the remaining $0.038538 per $100 valuation will be dedicated to making payments on the village’s bonded indebtedness.
The village will maintain a local option exemption of 20 percent of assessed value, with a minimum of $5,000 to be exempted from taxes. The village also provides a $10,000 exemption on assessed values for residents over the age of 65 or disabled.
The board voted to approve a three percent pay raise for all full time employees, effective October 4.
The board voted to approve a $50 per month increase for the city attorney’s salary.
All items were approved. All votes were unanimous with Alderman Tim Rainey absent. Agenda