File #: 13-827    Name: FY14 Property Tax - First Public Hearing
Type: Agenda Item Status: Regular Agenda Item
In control: City Council Regular Meeting
On agenda: 8/20/2013 Final action:
Title: Conduct First Public Hearing on Proposed Tax Rate for Fiscal Year 2013-14
Attachments: 1. Presentation
Title
Conduct First Public Hearing on Proposed Tax Rate for Fiscal Year 2013-14
 
Summary
 
MEETING DATE:      August 20, 2013
 
DEPARTMENT:       Financial Services
 
CONTACT:              Rodney Rhoades, Chief Financial Officer
                  
 
RECOMMENDED CITY COUNCIL ACTION:
    • Conduct the first public hearing on the FY2013-14 proposed tax rate.
    • Announce:
      • Second Public Hearing: September 3, 2013, 6:00 p.m. at the Council Chambers
  • Tax Rate Adoption Date: September 17, 2013, 6:00 p.m. at the Council Chambers
 
ITEM SUMMARY:
    • The proposed tax rate is $0.58550 based on 100% market ratio on each $100 of all taxable property within the City. The proposed tax rate is the same as the current year.
    • The rate for Maintenance and Operations (M&O) is $0.421789 per $100 valuation.  
    • The rate for Interest and Sinking Funds (I&S) is $0.163711 per $100 valuation.
    • The tax rate ratio is 72% for M&O and 28% for I&S.
    • The proposed tax rate exceeds the effective tax rate of $0.559903.
    • The proposed tax rate will raise more taxes for M&O than last year's tax rate.
    • The amount of taxes imposed this year on the average home value of $217,232 would be $1,271.89.
  • BACKGROUND INFORMATION:
    • State law requires an entity to hold two public hearings before adopting a tax rate.
    • On August 5, 2013, the City Council took a roll call vote on the tax rate.
    • The two public hearings are on August 20, 2013 and September 3, 2013
    • The tax rate adoption date is September 17, 2013, which must be a record vote.
 
FINANCIAL SUMMARY:       
  • Estimated tax revenues of $49,820,308 (99.5% collection rate) for FY 2013-14 are based on this tax rate.