Assembly hits on a figure to expend from the CBJ fund balance

    Juneau, Alaska (KINY) - The Assembly Finance Committee discussed one time funding opportunities and what portion of the fund balance should be devoted to seizing those opportunities during its meeting Saturday.

    Manager Rorie Watt told members that they have the ability to allocate $20 to $23 Million of the $28 Million fund balance.  Watt also provided a laundry list of projects and programs for which the revenue could be used.

    Mayor Beth Weldon moved that the body allocate $19.9 Million.  There was no objection, but Greg Smith floated an idea that citizens be afforded relief through a property tax reduction or another vehicle given the increase in inflation that has seen the cost of food and fuel, among other things, rise.

    There are two outstanding factors at this point.  One is the one percent sales tax that would net $55 million to $65 million if voters approve to extend it another five years during October's local election.  The other is general obligation bonds.   Watt said the local government has the ability to incur $25 million to $50 million of debt without increasing the traditional debt mill levy.

     

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