File #: 16-858    Name: FY17 Tax Rate - First Public Hearing
Type: Agenda Item Status: Approved
In control: City Council Special Meeting
On agenda: 8/22/2016 Final action:
Title: Conduct First Public Hearing on Proposed Tax Rate for Fiscal Year 2016-17
Attachments: 1. Presentation

Title

Conduct First Public Hearing on Proposed Tax Rate for Fiscal Year 2016-17

 

Summary

 

COUNCIL GOAL:                     Financially Sound Government

 

MEETING DATE:                     August 22, 2016  

 

DEPARTMENT:                      Financial Services

 

CONTACT:                                            Mark Holloway, Interim Chief Financial Officer

                                                               

 

RECOMMENDED CITY COUNCIL ACTION:

  • Conduct the first public hearing on the FY2016-17 proposed tax rate.
  • Announce:

o                     Second Public Hearing: September 6, 2016, 6:00 p.m. at the Council Chambers

o                     Tax Rate Adoption Date: September 20, 2016, 6:00 p.m. at the Council Chambers

 

ITEM SUMMARY:

  • The proposed tax rate is $0.57700 based on 100% market ratio on each $100 of all taxable property within the City. The proposed tax rate is 6/10ths of one cent lower than last year.
  • The rate for Maintenance and Operations (M&O) is $0.405769 per $100 valuation. 
  • The rate for Interest and Sinking Funds (I&S) is $0.171231 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 $0.534543.
  • 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 $299,986 would be $1,731.
  •  
  • BACKGROUND INFORMATION:
  • State law requires an entity to hold two public hearings before adopting a tax rate.
  • On August 1, 2016, the City Council took a roll call vote on the tax rate.
  • The two public hearings are on August 22, 2016 and September 6, 2016.
  • The tax rate adoption date is September 20, 2016, which must be a record vote.
  •  
  • FINANCIAL SUMMARY:                      
  • Estimated tax revenues of $69,422,266 (100% collection rate) for FY 2016-17 are based on this tax rate.