1. 3rd Crossing Tax Implications
Claims:
The 3rd Crossing does require a tax bill increase.
The 3rd Crossing prolongs the need to levy the yearly 1% capital levy.

2. 3rd Crossing Tax Implications
The 3rd Crossing requires a tax bill increase.
A $2 Million increase in expenditures is about equal to a 1% increase in taxes
Therefore
$30 Million project ≈ 15% tax bill increase
Forever

3. 3rd Crossing Tax Implications
The 3rd Crossing requires a tax bill increase.
Year
Tax bill
Tax level
Tax rate increase
year 0
100
year 1
101 1%
year 2
103.02 2%
year 3 3%
year 4 4%
year 5 5%

4. 3rd Crossing Tax Implications
The 3rd Crossing requires a tax bill increase.
Somewhere along the years, there is (has been) a 15% tax bill increase that has already been factored through the 1% capital levy.
Because the bridge is not free and
The municipal portion is paid by property tax.

5. 3rd Crossing Tax Implications
The 3rd Crossing prolongs the need for the Yearly 1% capital tax levy
The 1% tax levy is temporary; until we reach sustainable capital spending levels.
Sustainable capital spending means:
The investment required to maintain capital assets at a level that will support municipal services requirements.

6. 3rd Crossing Tax Implications
The 3rd Crossing prolongs the need for the Yearly 1% capital tax levy
The 1% tax levy is temporary; until we reach sustainable capital spending levels.
If we add projects to the list of capital assets, we will need more capital funds to:
Pay for: $30 Million
Maintain: $1.5 Million/year
And replace: $180 Million (in 2019 dollars)