|Working for a City that delivers first class city services
Preserving U City Values
| $20 MILLION BOND ISSUE FOR STREETS
VOTERS WILL MAKE THE FINAL DECISION
Ballot measure Prop S, April 7, 2015
The bonds will be paid back through an increase in the property tax levy of $0.242.
Passage requires 4/7 (57%) voter approval.
The proposal includes
|How much would it cost on my taxes?
St Louis County calculates assessed value as 19% of the appraised (or market) value.
With the passage of Prop S, property tax bill will increase by about 2.76% per year.
|The current economic environment allows us to do more streets for our money
Interest rates are low. U City has a AA+ bond rating. We can borrow money at historically low rates.
As the price of oil decreases, the price of asphalt drops. We can get more paving for our money.
The City of University City has very little debt. Under state law, U City is allowed to borrow $56 million in bonds.
The U City balance sheet shows only about $60,000 in bond debt.
(U City has about $5 million of outstanding bonds, however money has already been expensed to pay these bonds. There are
legal reasons that prevent early repayment)
|Quite simply, the U City streets are in poor condition. Streets are rated on a scale of 1 to 10 (with
10 being excellent). Currently U City streets average around 6. As streets become lower rated, they start
deteriorating at a faster rate and require more money to maintain.
Maintenance spending on streets and sidewalks has remained at about $1.9 million per year for the last 5
years. This level of spending can slow the deterioration of the streets, but can not fund major capital
Using reserve funds that number was increased to $3 million in 2014. However, reserves are not large
enough to continue spending at that level