Title
Conduct First Public Hearing on Proposed Tax Rate for Fiscal Year 2018-19 (Tax Year 2018)
Summary
COUNCIL GOAL: Financially Sound Government
(4A: Provide Funding and Organizational Framework to Ensure Continual Economic Improvements)
MEETING DATE: August 21, 2018
DEPARTMENT: Financial Services
CONTACT: Mark Holloway, Chief Financial Officer
RECOMMENDED CITY COUNCIL ACTION:
- Conduct the first public hearing on the FY2018-19 proposed tax rate.
- Announce:
o Second Public Hearing: September 4, 2018, 6:00 p.m. at the Council Chambers.
o Tax Rate Adoption: September 17, 2018, 5:30 p.m. at the Council Chambers.
ITEM SUMMARY:
- The proposed tax rate is $0.525170 based on 100% market ratio on each $100 of all taxable property within the City. The proposed tax rate is 0.015029 cents lower than last year.
- The rate for Maintenance and Operations (M&O) is $0.362389 per $100 valuation.
- The rate for Interest and Sinking Funds (I&S) is $0.162781 per $100 valuation.
- The tax rate ratio is 69% for M&O and 31% for I&S.
- The proposed tax rate exceeds the effective tax rate of $0.506288.
- 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 $342,263 would be $1,797.
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- BACKGROUND INFORMATION:
- State law requires an entity to hold two public hearings before adopting a tax rate.
- On August 6, 2018, the City Council took a roll call vote on the tax rate.
- The two public hearings are on August 21, 2018 and September 4, 2018.
- The tax rate adoption date is September 17, 2018, which must be a record vote, and at least 60 percent of the members of the governing body must vote in favor of the Ordinance.
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- FINANCIAL SUMMARY:
- Estimated maintenance and operations tax revenues of $77,190,131 (100% collection rate) for FY 2018-19 are based on this tax rate.