Under the new ordinance, local businesses will be categorized as wholesale, retail or professional, and all will pay a percentage of their annual gross receipts. The minimum amount to be paid to the city will be $50. Wholesale businesses will pay 0.5 percent of their gross receipts and the maximum charge will be $625. Retail businesses will pay the city one percent of their gross receipts, with the maximum charge being $1,250. Professional businesses will pay three percent of their gross receipts. The tax will be capped at $2,500, which is a change from the current ordinance’s maximum of $3,750.50.
The council voted to approve the first reading of the ordinance. The second reading will likely be at their next regular meeting on July 1.
The council next voted on the budget for the fiscal year that will begin July 1. The city has estimated its total revenues and appropriations for the year to be $3,450,939.04.
Councilmember Manuel Brown, who is the chairman of the city’s finance committee, said he hoped all the city’s departments could control their spending in the year ahead.
“I would like to see everyone stay within their budget,” he said.
For the rest of this story, read this week's Cadiz Record.