File #: 14-802    Name: FY15 Tax Rate - First Public Hearing
Type: Agenda Item Status: Approved
In control: City Council Regular Meeting
On agenda: 8/19/2014 Final action:
Title: Conduct First Public Hearing on Proposed Tax Rate for Fiscal Year 2014-15
Attachments: 1. Presentation
Title
Conduct First Public Hearing on Proposed Tax Rate for Fiscal Year 2014-15
 
Summary
 
MEETING DATE:      August 19, 2014
 
DEPARTMENT:       Financial Services
 
CONTACT:              Rodney Rhoades, Chief Financial Officer
                  
 
RECOMMENDED CITY COUNCIL ACTION:
  • Conduct the first public hearing on the FY2014-15 proposed tax rate.
  • Announce:
o      Second Public Hearing: September 2, 2014, 6:00 p.m. at the Council Chambers
o      Tax Rate Adoption Date: September 16, 2014, 6:00 p.m. at the Council Chambers
 
ITEM SUMMARY:
    • The proposed tax rate is $0.58300 based on 100% market ratio on each $100 of all taxable property within the City. The proposed tax rate is $0.0025 less than the current year rate of $0.58550.
    • The rate for Maintenance and Operations (M&O) is $0.415437 per $100 valuation.  
    • The rate for Interest and Sinking Funds (I&S) is $0.167563 per $100 valuation.
    • The tax rate ratio is 71% for M&O and 29% for I&S.  
    • The proposed tax rate exceeds the effective tax rate of $0.538235.
    • 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 $240,169 would be $1,400.
  • BACKGROUND INFORMATION:
    • State law requires an entity to hold two public hearings before adopting a tax rate.
    • On August 4, 2014, the City Council took a roll call vote on the tax rate.
    • The two public hearings are on August 19, 2014 and September 2, 2014.
    • The tax rate adoption date is September 16, 2014, which must be a record vote.
  • FINANCIAL SUMMARY:       
    • Estimated tax revenues of $55,424,359 (99.5% collection rate) for FY 2014-15 are based on this tax rate.