By Sheila McLaughlin
Enquirer Staff Writer
LOVELAND - What do you do with an extra $397,000?
That's the happy question officials are trying to decide after hearing this week that the city got an unexpected windfall from estate taxes.
The mayor's suggestion: Roll back property taxes.
"The bottom line is, if we can lower our taxes we should lower them - not only for the residents," Mayor Brad Greenberg said Wednesday."If we lower taxes for the businesses, it makes Loveland more competitive for attracting new businesses."
Council asked the Finance Committee to research that option, as well as the possibility of saving some of the money in a "tax stabilization fund."
The fate of the windfall, which came from a single estate, will be decided within the scope of next year's budget, said City Manager Fred Enderle. He doesn't expect the 2005 operating budget to exceed the usual $10 million or $11 million by more than 3 percent.
"Income tax and all of our taxes are pretty flat, so it will be tight budgeting. It looks like we can maintain our operational needs, but there won't be a lot of extra cash for capital improvements," Enderle said.
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