COLDWATER, MI (WTVB) – Coldwater City Manager Jeff Budd told the City Council on Monday night that the city will get a larger Local Community Stabilization Authority Payment from the State of Michigan than expected.
The city has been notified it will get nearly $482,000 for the fiscal year 2017 which is a $264,000 increase over budgeted projections.
Budd said in his report that apparently the state collected more money than they anticipated as payments are 265 percent higher than expected.
The payment is part of the personal property tax reform approved by voters two years ago. The L.C.S.A. is supposed to replace revenue lost by municipalities because of the new personal property tax laws.
Mayor Tom Kramer said they could use the extra money to help pay for a new fire truck.
