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Budget, tax rate approved by council
By Conner Hammett, chammett@acnpapers.com
ALLEN -- The Allen City Council approved the budget and property tax rate for fiscal year 2012 during its Monday meeting.
A tax rate of 55.3 cents per $100 of taxable value will help fund a $164 million budget. Though the tax rate is one tenth of a cent lower than it was last year, the city will collect $1.1 million more in property tax revenue due to a 2.88 percent increase in taxable property. Of that $1.1 million increase, $584,000 will go to the general fund while $517,322 will fund debt service.
Compared to July's proposed budget, the most significant changes will come from the tax rate reduction and the employment of six additional police officers for Allen ISD's School Resource Officer (SRO) program. The program was to be cut at the time of the July budget draft and was reintroduced to the final budget following an agreement between AISD Superintendent Ken Helvey and City Manager Peter Vargas dated Aug. 25. The agreement will bring in $311,229 in revenue to the city from AISD for the SROs' services in the form of two payments in January and October.
Public hearings for the budget and tax rate were held Aug. 9 and Aug. 23. City, county, college and school district tax rates combined, Allen taxpayers can expect to pay $2.55 per $100 of assessed valuation if the Allen ISD tax rate of $1.67 is approved by voters next month.
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