Oil City Council Thursday trimmed down an expected real estate tax increase for next year from 1.6 mills to 1.35 mills as they prepare to take a final vote on December 19 on the 2014 city budget.
The tax hike in the $16.3 million spending plan would mean an additional levy of about $13.50 for every $10,000 worth of assessed property.
The change in the budget proposal would trim the city’s projected operating reserve fund from $148,000 to $100,000. No other cuts from the previous version of the spending plan were expected.
Council also approved increases that would translate to between four and twelve dollars in the city’s water and sewage rates.