The Payson Town Council will hold a special meeting Thursday to discuss and possibly adopt a $30 million budget for fiscal year 1999-2000.
The council approved a tentative budget July 5 and increased its recommended contingency fund from $200,000 to $400,000. The additional $200,000, which was earmarked for the capital projects fund, was diverted from the town's operating budget.
The council also eliminated a waste management fund July 5, reducing the total budget at the time by nearly $500,000. The council had set aside the waste management money for a town recycling and garbage collection program, but the council scrapped the idea when two local garbage collection companies objected to the plan, which would have awarded the bid to only one of them.
Nearly $6.5 million of the proposed budget will be carried over from the current year, and $20.4 million is projected revenue.
Town financial experts estimate the town's primary tax collection, which is based on a rate of $.3355 per $100 of assessed valuation, will increase to $314,291 -- $31,000 more than last fiscal year.
The town's secondary property tax, approved by voters in 1992 for the Green Valley Park project, is $.1500 per $100 of net assessed value. The town expects to collect $124,500, based on the town's estimated assessed property valuation of $80 million.
Both the primary and secondary property tax levies are scheduled for adoption during a public hearing and regular meeting of the council at 6 p.m. Aug. 12.
The 1999 preliminary levy limit worksheet for the town is available for public inspection at Town Hall and the Payson Public Library.
The special meeting to adopt the final budget will be held at 4 p.m. Thursday in the Council Chambers at Town Hall.