WARWICK – Mayor Scott Avedisian signed the city’s fiscal year 2013 budget, which was approved by a City Council majority late Monday.
The budget increased the motor vehicle tax exemption to $2,000, meaning that 31 percent fewer car tax bills will be sent by Warwick in 2013 than under the current budget.
The approved budget also “contains no wage increases for union or management employees, factors in increased employee contributions toward the cost of their health care benefits, and maintains contributive support funding for both human services and recreational groups,” according to a release.
The city’s spending plan totals $279.7 million and contains a mix of residential, motor vehicle and commercial rates to “more equitably distribute the tax burden while assuring that municipal programs and services are maintained.”
Of the approved $279.7 million budget, $156 million has been allocated for Warwick’s School Department and $123 million will fund municipal services.
Previously, the mayor recommended that the City Council authorize the School Department to borrow voter-approved general obligation bonds in order to complete building and fire code upgrades required by state law.
The proposed residential tax rate is $18.14 per $1,000 assessed valuation. Commercial/industrial is proposed at $27.21 and tangible personal property at $36.28.
The city’s tax levy rate will increase 1.6 percent in 2013 compared with 2012, a change less than the maximum 4 percent increase allowed under the state property tax law.
Estate and Corporate Income Taxes are changing next year, and business owners and executives should know the details. The PBN Summit on November 6th will provide those details and more - including how much Obamacare's Employer Mandate could cost.
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