MEMPHIS, TN (abc24.com) - After more than four hours of council debate, the City of Memphis has a new budget, and it will lower your property taxes.
Memphis City Council members were going to be going back and forth all night, but just after 9 p.m. Tuesday in a 7 to 6 vote, the council passed a budget for the new fiscal year that begins July 1.
The plan, which is sponsored by Councilman Harold Collins, calls for a slight property tax decrease. The rate will go from $3.19 to $3.11; that's a savings of about $20 a year for a $100,000 house, $40 for a $200,000 home.
Other cuts include four golf courses will closing for the winter, which will save the city about $40,000.
In a surprise move, they will defund speeding cameras at $300,000, which ends up being a loss of revenue of about $700,000.
They also approved $2 million for the buyers of the Chisca Hotel.
Despite a tax decrease, voters weren't happy with the council's decisions.
"You can't do parks and money to hotels and expect us tax payers to pick up the bill," said Kathleen Cox.
"We have the highest rate in Tennessee and you just hand out money?," asked Russell Siegfried, "No one thinks about those things, just give them the money, well, we're paying for it and we lost 150-thousand people out of Memphis and Shelby County, that's why."
Health care premiums for city employees will also increase by one and a half percent.
