Council okays tax bump

After being told city budget projections for next year show a $9,356 deficit, Colfax City Council members voted unanimously Nov. 15 to approved a one percent hike in property tax revenue for next year. The sum will add $3,686. City Treasurer Mark Clinton reported the council has opted for the one percent hike two times in the last five years.

The city also figures to receive an additional $4,745 off taxes generated by new construction which will be added to the tax base.

The one percent tax revenue hike will mean .0023 cents per $1,000 of valuation on taxpayer property.

Clinton said general fund revenue projections for next year are at $1,204,580 and anticipated expenses for next year in the general fund are $1,213,946. The tax revenue bump and gain in new construction evaluations will offset the deficit by $8,431.