Title
Conduct First Public Hearing on Proposed Tax Rate for Fiscal Year 2015-16
Summary
COUNCIL GOAL: Financially Sound Government
MEETING DATE: August 18, 2015
DEPARTMENT: Financial Services
CONTACT: Rodney Rhoades, Chief Financial Officer
RECOMMENDED CITY COUNCIL ACTION:
- Conduct the first public hearing on the FY2015-16 proposed tax rate.
- Announce:
o Second Public Hearing: September 1, 2015, 6:00 p.m. at the Council Chambers
o Tax Rate Adoption Date: September 15, 2015, 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 the same as the current year.
- The rate for Maintenance and Operations (M&O) is $0.409973 per $100 valuation.
- The rate for Interest and Sinking Funds (I&S) is $0.173027 per $100 valuation.
- The tax rate ratio is 70% for M&O and 30% for I&S.
- The proposed tax rate exceeds the effective tax rate of $0.537088.
- 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 $270,483 would be $1,577.
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- BACKGROUND INFORMATION:
- State law requires an entity to hold two public hearings before adopting a tax rate.
- On August 3, 2015, the City Council took a roll call vote on the tax rate.
- The two public hearings are on August 18, 2015 and September 1, 2015.
- The tax rate adoption date is September 15, 2015, which must be a record vote.
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- FINANCIAL SUMMARY:
- Estimated tax revenues of $62,316,609 (100% collection rate) for FY 2015-16 are based on this tax rate.