Wed04232014

Greater Metro

Collins ready with a budget proposal

Harold Collins-400
Collinsproposal-700

The Memphis City Council picks up on the challenging task of reaching agreement on an acceptable budget on Tuesday, with Councilman Harold Collins ready to offer an option.

Collins says he will propose in committee a budget measure that "has no layoffs, we invest in libraries, community centers and increase funding to pave streets. We also pay on the debt and add 10 million to the reserves."

How?

The administration of Mayor AC Wharton Jr. has proposed a tax rate of $3.36. Collins is set to propose a rate $3.40. He said that .04 higher rate would produce $4,208,000, based upon the value of a penny at $1,052,000.

Tuesday's session comes on the heels of last week's marathon budget session during which the Council took on some of the tough decisions necessary to right the city's fiscal ship. The mix of difficulty includes significant debt, declining property values and property ownership (taxpayers), increasing costs and higher demands on city services.