El Paso City Council Monday was briefed on a preliminary budget for the upcoming fiscal year.
The preliminary budget calls for a tax rate increase of 3.99 cents. That comes out to a $39 increase in property taxes for a home valued at $100,000.
Chief Financial Officer Robert Cortinas said this proposed tax rate increase is likely to change. On July 25th, the City will receive certified property valuations which can affect the tax rate.
“We’ll have a meeting scheduled July 30th for city council. present those values to them. That could have an impact on the proposed tax rate,” Cortinas said.
The City plans on investing $15 million more in police and fire, and $7 million in street improvement.
“We’ve got a 15 million dollar increase just for public safety. Police and fire for their contracts. The street issues are number two. We have to fully take care of the potholes — the resurfacing and the reconstruction of streets. Then the third thing that people have talked about has to do with parks and those kinds of things,” mayor Dee Margo said.
Council plans on approving the budget on August 21st. There will be public hearings on the proposed tax rate on August 7th and 14th.