Beavercreek City Council considered five different street levy proposals this week to find funding to pay for city street maintenance and replacing worn out equipment during the coming five years.
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Options for handling road millage
- Renewing the 1-mill levy, which would not raise taxes and would bring in just over $1.3 million annually. That would not be enough to keep the road fund balance above 15 percent of expenditure if the $8.5 million in capital improvements and $2.6 million equipment replacement were approved for the next five years. The $8.5 million in local funds would leverage an additional $10.7 million in grants.
- Replace the 1-mill levy, which would be a modest increase to $1.322 million annually. It also would not maintain the fund balance at the 15 percent level. Any capital improvements — as with the simple renewal — would have to be funded through a separate levy approved by the voters.
- Replace the 1-mill levy and ask for an additional 1.5 mills. The additional levy would raise $1.98 million and allow the city to accomplish all the capital projects. Any equipment replacement would have to come through a lease to purchase agreement that would cost the city $250,000 over five years in interest payments.
- Replace the 1-mill levy and ask for an additional 2.1 mill levy. The 2.1 mills would raise about $2.78 million that would allow the city to complete capital improvements and replace obsolete or worn out equipment.
- Replace the 1-mill levy, ask for an additional 2.1 mills and an additional 1-mill levy for a total of 4.1 mills. That would raise a total of $5.3 million. The money would complete the capital projects, replace equipment and dedicate about $1.3 million to increase road resurfacing and begin whittling away at the $200 million in infrastructure needs. This alternative was not discussed.