NEW HAVEN – Although the New Haven City Council gave final approval to the citys $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 an additional 30 days, said Greg Guerrettaz, the citys financial consultant.
If assessed values stay the same, New Havens tax rate will remain the same. But preliminary figures show that assessed values are down across the state and in Allen County. If New Havens 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, he said.
After 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 five-year tax incentive to Glaze Tool and Engineering.
The company is purchasing $185,000 worth of new machinery, and the abatement will save the firm $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 of $30,000 to $40,000 and one new tool and die specialist at a salary of $45,000 to $85,000.
The company designs and builds special machines and serves many industries including automotive, food, medical and heavy equipment.
Sales for 2010 totaled $1.9 million; sales expanded in 2011 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 occur during the Oct. 23 council meeting.