By Matt Artz
Tuesday, May 19th, 2009 at 1:48 pm in Uncategorized.
It’s not easy fighting City Hall, but it’s not easy for City Hall to fight Sacramento either.
Tonight, the City Council is going to pass a resolution telling state lawmakers that it would really hurt if they grabbed property tax revenue that was earmarked for the city. Oh well.
If voters reject the ballot measures today, the state might have to borrow more than $2 billion in property taxes that would have gone to cities. Fremont estimates that its share of the loses would be about $5.6 million.
But the state would have to repay the money, and if it borrows this year, it can’t borrow again for a little while.