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Minutes of the Regular Meeting of Council <br />Monday, September 21, 2015 <br />Page 15 <br />municipality is taxed in the same type of income, is exempt in the same -type of income-and the <br />only variable between the municipality really is whatever their tax rate is. The forms will be <br />unified. They will be the same. They will be much more friendlier for businesses who are here <br />to retain- them as well as hopefully-to attract new businesses.- House Bill -5 -which encompasses <br />all those changes was passed this year. It is effective January 1, 2016. We are creating a new <br />- - - - <br />- Chapter witlun_our Codfied;Ordnances, Chapter -176, which will ncorporate.all of the chariges <br />----to the-tax--law. The-impact-ofthose-changes-to-us is-veryuery-minimal; but-we are still~equired- <br />to adopt this unified law similar to other municipalities. The Law Department and I are <br />finishing putting the final review comments on the attachment that goes with this reading. It will <br />be in your packets this weekend. It's 50 pages long. If you want to read it, God bless you all. <br />Mayor Rinker added, it may be not well known so I am speaking to the issue. We post Ron's <br />monthly financial report on-line as soon as Council approves it. We typically get it a couple <br />weeks ahead of time but we wait until Council has looked at it. The record to us is very <br />important to show that on a monthly basis, and we have been doing this for several years, this is <br />something that Ron Wynne initiated as our Fiscal Officer. He provides this overview. We get <br />this in our packets. Council has a chance to look at it. Ultimately by publishing this on the web <br />every resident has the opportunity and we archive this so you can go back and check. To Ron's <br />point, six years ago our long-term debt was about $10 million more than it is. That is <br />significant. I think it's also significant to set that into context of where we are with our income <br />tax collections. It's good for the audience to know and the record to show: <br />For the month of August this year, income tax collections totaled $1,237,905 which is <br />$357,184 above last year which was $880,721 and $28,312 above our 2013 collections, <br />that was our banner year, which at that time was $1,209,593. <br />On the year to date basis for this year, our income tax collections are $11,502,143 which <br />is $806,870 above last year and $226,182 above 2013. That's 82% of our budget of <br />$14,000,000. We budget $14,000,000. We are at the 82% mark through three quarters. <br />Our income tax collections since 2010 is shown on the chart. That's when residents voted <br />our rate increase. <br />At the net for this year, our General Fund balance is $16,558,051 as of August 31St <br />That's an increase of $4,011,988 from December which at December 31St of last year was <br />$12,546,063. In other words, we are north of $16,000,000 in our General Fund today. <br />We have reduced our long-term debt substantially. <br />We are looking at being able to cover most of these capital improvements that we were <br />talking about for the last year on a cash basis which is pretty significant. <br />This information is all on-line. <br />Council President Marrie thanked Mayor Rinker. <br />