To pay back part of the $242 million bonds the council is considering, taxes will go up about $22 a year for a homeowner with a $200,000 house. Homes valued at more than $345,000 would see no increase because they have reached the constitutional cap of 1 percent of gross assessed value. Existing revenues will pay for the majority of the work.
The council Monday already raised several city rates and fees.
The council raised the average monthly water bill for a resident using 6,000 gallons per month from $20.75 to $27.84, generating $1.6 million in revenue. The average monthly sanitary sewer bill was raised from $30.19 to $33.10, generating, $700,000 in revenue.
Water and sewer rates would continue to rise 3 percent annually . . .
Developers also will pay more in connection fees, estimated to add about $1.2 million in revenue. Rates will continue to increase 3 percent annually.This is just the start. Those revenue enhancements aren't going to cover the costs of Brainard's spending binge. They'll borrow now and worry later about how they're going to pay for it.