Texarkana, Texas city officials met Monday afternoon, August 7, 2017 to discuss potential changes to the budget. City Manager, Shirley Jaster, and Chief Financial Officer, Kristen Peeples, discussed proposed changes and answered questions from the public.
Peeples explained, “some projects will have to be delayed until 2023, but the projects that the 2017 bond were issues for will still go forward.”
This means the $3 million Arts Market Project will be delayed until funding becomes available.
Jaster expounded on the changes saying, “The Capital Improvement is debt vs. revenue vs. expenses. Right now, with the revenues we have and the new budget number, we had hoped to do capital improvement plans but the numbers just don’t work. We don’t have the capacity to take on that debt.”
Among the proposed changes is a tax rate increase of $0.0400 from the current rate of $0.7000. If approved, the proposed increase would generate $885,876.