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2010 Budget Approved
In a split vote Monday night, City Council approved the final 2010 budget at $9.9 million, which includes a cut in real estate taxes.
Councilman Ed Simpson argued that the reduction was done at the expense of the city's reserve trust fund. “It’s a tax cut but you’re substantiating it at the expense of the trust fund,” he said.
In recent months, Walker requested that City Council remove $1.5 million from the reserve trust fund to balance out finances for the end of this year and beginning of 2010. Council eventually approved Walker’s request. Of that $1.5 million, $1 million was used to balance the 2009 budget; the remaining $500,000 will be used in 2010.
“In the long run, people will move here and people will hopefully see it as a trend,” Walker argued.
Do you think the tax cut is being done at the expense of the reserve trust fund?
Councilman Ed Simpson argued that the reduction was done at the expense of the city's reserve trust fund. “It’s a tax cut but you’re substantiating it at the expense of the trust fund,” he said.
In recent months, Walker requested that City Council remove $1.5 million from the reserve trust fund to balance out finances for the end of this year and beginning of 2010. Council eventually approved Walker’s request. Of that $1.5 million, $1 million was used to balance the 2009 budget; the remaining $500,000 will be used in 2010.
“In the long run, people will move here and people will hopefully see it as a trend,” Walker argued.
Do you think the tax cut is being done at the expense of the reserve trust fund?
posted by Danielle Lynch at
7:55 PM
4 Comments:
My answer is yes simply stated. You cannot borrow money from the trust fund to pay your bills and then turn around and state that you are lowering taxes. You're robbing Peter to pay Paul here. I was at Council last night and again there were more questions then answers. Once again the City used phrases like this:
“In the long run, people will move here and people will hopefully see it as a trend,” Walker argued."
Hope? You can't hope. What you can do it forecast and report and based your answers off this information. That's how it's done in the real world.
We are a number of years into the "long run" and those who have moved into Coatesville are not income producing people. It is nice that one of the projects (Hotel at 30 & 82) proposed 15 years ago is finally happening. We can live on the trust fund for a number of years. Then what?
The taxes that need to be lowered are the EIT (income tax) in Coatesville. That is what is keeping people from moving into the city. That is what invites people who don't pay the EIT (social security and welfare) to live here. Most property taxes in the city of coatesville are paid by absentee landlords who pass the expense on to the renters. Lower the EIT!
Is there something in the budget for snow cleanup? The streets are a disgrace.
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