NEW HAVEN – Although the New Haven City Council gave final approval to the city's $12.3 million budget Tuesday, things could change after new assessed valuation numbers are released.
Those numbers are not expected to be finalized by the county for another 30 days, said Greg Guerrettaz, the city's financial consultant.
If assessed values stay the same, New Haven's tax rate will remain the same. But preliminary figures show that assessed values are down across the state and in Allen County. If New Haven's assessed value drops, its tax rate will go up, Guerrettaz said.
"The final approval for (the city) is tonight, but the final approval from the state is who-knows-when," Guerrettaz said.
Once the final audit from the state is received, the council will have 30 days to review the budget, he said.
"There are more steps to come," he said.
Tax break sought
Council members unanimously agreed to take preliminary steps in granting a tax incentive to Glaze Tool and Engineering.
The company is purchasing $185,000 worth of new machinery, and the five-year abatement will save them $6,909.
Owner Bill Glaze told council members that business had been good and "should be even better this year."
Glaze has 23 employees and an annual payroll of $1.2 million. He plans to add two new machinists at a salary range of $30,000 to $40,000 and one new tool and die specialist at a salary range of $45,000 to $85,000.
The company designs and builds special machines and serves many industries including automotive, food, medical, heavy equipment. Sales for 2010 totaled $1.9 million and in 2011, it grew to $2.5 million.
"This company has been a fixture as long as I can remember," Mayor Terry McDonald said.
A public hearing on the abatement will be during the Oct. 23 council meeting.