Understanding the City’s Finances
Correction to Newsletter Article Understand the City’s Finances
In the October-November issue of The Connection, an error was incorrectly submitted to and was printed in the article entitled, “Understanding the City’s Finances.”
The last item of this article should read:
Myth: The Metro District needs all of the funds generated by the 24 mills to meet its debt obligations.
Fact: The annual revenues generated by the 24 mills exceed the amount of fund needed to meet the annual debt service obligations. The Metro District can reduce its levy to 14.5 mills and still meet its annual debt service obligations with funds left over to build a reasonable reserve. This would allow the City to levy 9.5 mills without the need for a property tax increase.
The statement – – “The bonds cannot be paid off early without significant financial penalty” was not an accurate statement and should not have been included in this paragraph.
The Master Association apologizes for this mistake.