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<br /> 72. <br />Regular Meeting June 25, 2001 Page 8 <br />Mihalkanin asked in what year the franchise fee from the electric company <br />was established. Mr. Gilley stated an 8% franchise fee was e$tablished in <br />1989. Mr. Mihalkanin asked if Staff could look at what other cities <br />charge and see if it would be feasible to change this amount. Ms. Hughson <br />asked Mr. Gilley if all fees are adequate, and Mr. Gilley stated they are <br />in good shape. Mr. Mihalkanin expressed concern with the proposed 5 cent <br />increase. Mr. Mihalkanin stated an appraisal employee advised him the <br />average home increased 8%. Mr. Gilley stated last year an average home of <br />$75,425.00 paid a tax bill of $347.71. With the proposed 51.1 cent that <br />amount would increase $37.71. With an 8% annual increase, that amount <br />would be $41. 54. Mr. Gilley stated one-cent generate $140,000.00 to <br />$150,000.00. The Council inquired when the Power Plant tax abatement <br />starts. Mr. Gilley stated they will pay taxes this year, and then the tax <br />abatement begins, but he does not know precisely what that amount would <br />be. Mr. Mayhew stated he is committed to the three programs Mr. Gilley <br />mentioned. Mr. Cox stated in view of declining interest rates, should the <br />City refinance/refund any of the debt. Mr. Gilley stated the City Staff <br />looks at that regularly. This would be pursued if it were cost effective <br />to do so, but the City presently has extremely good interest rates on our <br />debt and will continue to monitor this possibility. Mr. Montoya asked <br />about funding sources, and Mr. Gilley advised sales tax is at the maximum <br />allowed, fees for service, property taxes, and no new positions are <br />requested except fire and animal control to keep expenditures at a modest <br />amount. <br />Mayor Chiu introduced the City Council's report. Mr. Cox stated the Hays <br />County Parks Advisory Board Workshop will be held in Wimberley on <br />Saturday, and Mr. Cox will be representing the City at that meeting. <br />The meeting adjourned at 8:44 p.m. on motion made by Ms. Hughson and <br />seconded by Mr. Mayhew. <br /> David Chiu <br />Ed Mihalkanin <br /> il Council Member <br /> 9f <br /> (0 ,;;?;/} <br /> ¿/ ~ c{/ <br /> J e f: Cox, <br /> /( <br /> Deputy Mayor <br />Council Member <br />