Administration and Finance Committee Approves COIT Increase to Fund Public Safety
Indianapolis - Administration and Finance Committee Chair Joanne Sanders announced that the committee voted to send Proposal No. 264, 2007 to the full Council with a do pass recommendation by a vote of 4-2. The proposal would implement an increase in COIT from 1% to 1.65%. Two thirds (2/3) of the increase must be used to fund public safety pensions and continue the crime fighting efforts started last year. The remaining 0.2% must be used to limit property tax growth as required by the State.
Chair Sanders said, “We are facing budget issues that were created by a failure to act over the last twenty years. As the fiscal body, it’s our responsibility to ensure that funding for public safety is maintained at adequate levels. We’ve patched a budget together for the last few years and now we are up against a wall. We can no longer wait for someone else to act.”
The Indiana General Assembly gave local governments the option to shift away from property taxes as a source of revenue through House Enrolled Act 1478. Passage of this proposal will freeze the majority of property tax levies at their 2007 levels for two years.
The proposal will be heard by the full Council on July 23, 2007 at 7:00 P.M.