In an annual budget message, one citys mayor remarked, I am particularly pleased that due to our

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In an annual budget message, one city’s mayor remarked, “I am particularly pleased that due to our sound financial planning and careful budgeting, no property tax increase is needed this year.” Yet a careful examination of the detailed budget submitted by the mayor showed expected property tax revenue in the coming year to be 10 percent greater than in the previous year. How can you explain the apparent contradiction in the mayor’s statement and proposed budget?

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