|
It will restrict
spending increases to the rate of inflation or less – thereby
helping to ensure that taxes and other fees – which are derived from
spending – do not rise faster than our ability to pay
them.
The exact wording of the amendment reads this way:
“The combined annual municipal and school
district budget shall not rise faster than the rate of inflation. The rate of inflation shall be defined as
the Consumer Price Index (CPI) averaged over the previous three (3) calendar
years. This limitation may be overridden
upon the affirmative vote of eleven (11) aldermen on roll call, by
separate resolution.”
|