By Scott Harvey
Commerce – The City of Commerce is scheduled tonight to finalize the fiscal year budget for 2011-2012, to be funded by a property tax rate of 82 cents per $100 valuation. The rate is the same as last year.
City Manager Marc Clayton says that with realizing revenues will be reduced in this next fiscal year, the city reduced expenses, namely because their certified tax base decreased by more than four percent. Three years ago, the city's tax roll peaked at $319 million. This year, it was appraised at $274 million. In late 2012, Covidien will begin to lay off more than 300 workers in a move announced this spring, further reducing the tax roll.
The City Council is also expected to approve refinancing of a 2006 project that will allow them to defer principal payments until 2014. Clayton hopes this will allow enough time for that tax base to build up again and help on those payments once they become due.
Tuesday's meeting begins at 6 p.m. at Commerce City Hall.