El Lago City Council on Wednesday voted 2-1, with John Skelton opposed, to adopt a 2012 property tax rate of $0.6133 per $100 valuation.
Revenues from a $0.52088 per $100 valuation portion of the tax rate will be dedicated to expenditures related to general operation and maintenance of the city. That rate is an increase above the city's effective tax rate of $0.50418, but below the rollback rate of $0.54452 per $100 valuation.
Revenues from the remaining $0.9242 per $100 valuation will be used to make payments on the city's bonded indebtedness.
The city council voted 2-1, with Skelton opposed, to adopt the FY2013 Budget.
The budget includes projected General Fund expenditures of $1,826,354. A total of approximately $115,000 of the budget will be funded through drawing from the city's undesignated reserve funds.
The city council tabled action regarding an increase to finds for parking offenses in the city.
All other items were approved by unanimous vote. Council members Robert White and Carolynn Stanley were absent. Agenda