COLUMBUS, Ind. — Columbus City Council voted 5-2 to pass the first reading of an ordinance reestablishing the city’s cumulative capital fund. Council members Frank Miller (R — District 4) and Grace Kestler (D — At-Large) voted against this action.
Ordinances must be passed on two readings to be fully approved. The council’s next meeting is scheduled for May 17.
The legislation states that the cumulative capital fund rate has “trended below the maximum allowable by state law,” with the 2022 rate currently at $0.0465 per $100 of assessed value. City officials are proposing that the cumulative capital fund be re-established, with the rate set at $0.05 per $100 of assessed value.
Director of Finance, Operations and Risk Jamie Brinegar said in a previous interview that, this fund is used for public safety capital purchases.
Assuming the council votes to raise the rate, taxpayers would be affected starting in 2023. He added that the impact would be “minimal,” as the rate is only going up slightly.
“We did this back in 2016 or ‘17 as well,” he said. “And that time, we made the commitment to the council that we would use those funds strictly for public safety purchases, and we’ve stayed with that commitment.”
For the complete story, see Friday’s Republic.