Sikeston's assessed valuation at $161,583,695
SIKESTON - Sikeston's 2002 tax rates for personal property and real estate will remain at the 2001 levels.
City council members set the rates at 55 cents for general revenue, 16 cents for the parks, and 16 cents for the library for a total of 87 cents per $100 assessed valuation as recommended by city staff during this morning's special city council meeting.
State statutes require all political subdivisions to pass tax rates before Sept. 1, according to City Clerk Carroll Couch.
City staff reported an assessed valuation of $161,583,695 was forwarded to the State Auditor's Office, up from $156,878,224 for 2001.
In other City Council action council members awarded the bid to provide the city with workers compensation insurance to Liberty Mutual of St. Louis which submitted the low bid of $149,479.
City Treasurer Karen Bailey said the policy includes a deductible of $200,000 per incident with a maximum total of $1.3 million, but the cost of the policy from the other bid, submitted by Travelers Insurance Company, could run anywhere from $261,000 to $608,000 depending on the city's claims.
"Neither is what I hoped they would be," said Bailey. "Neither is an ideal situation."
The city budgeted $130,000 for this expense, according to Doug Friend, city manager.
He said the Board of Municipal Utilities agreed to "ride this with us for a year" to make the city eligible for the Liberty Mutual policy.
Bailey said the city could take $180,000 in losses before it would reach the Travelers Insurance base bid, adding that the city and BMU would have to have their worst years ever to reach those claim levels.
The cost of workers compensation insurance last year was $118,000, according to Bailey.