File #: 19-0711    Name: FY20 Tax Rate - 1st Public Hearing
Type: Agenda Item Status: Public Hearing
In control: City Council Regular Meeting
On agenda: 8/20/2019 Final action:
Title: Conduct First Public Hearing on Proposed Tax Rate for Fiscal Year 2019-20 (Tax Year 2019)
Attachments: 1. Draft Ordinance, 2. Presentation

Title

Conduct First Public Hearing on Proposed Tax Rate for Fiscal Year 2019-20 (Tax Year 2019)

 

Summary

 

COUNCIL GOAL:                     Financially Sound Government

(4A: Provide Funding and Organizational Framework to Ensure Continual Economic Improvements)

 

MEETING DATE:                     August 20, 2019  

 

DEPARTMENT:                      Financial Services

 

CONTACT:                                            Mark Holloway, Chief Financial Officer

                                                               

 

RECOMMENDED CITY COUNCIL ACTION:

  • Conduct the first public hearing on the FY2019-20 proposed tax rate.
  • Announce:

o                     Second Public Hearing: September 3, 2019, 6:00 p.m. at the Council Chambers.

o                     Tax Rate Adoption: September 17, 2019, 6:00 p.m. at the Council Chambers.

 

ITEM SUMMARY:

  • The proposed tax rate is $0.515600 based on 100% market ratio on each $100 of all taxable property within the City. The proposed tax rate is 0.009570 cents lower than last year.
  • The rate for Maintenance and Operations (M&O) is $0.355393 per $100 valuation. 
  • The rate for Interest and Sinking Funds (I&S) is $0.160207 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 $0.508664.
  • 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 $349,567 would be $1,802.
  •  
  • BACKGROUND INFORMATION:
  • State law requires an entity to hold two public hearings before adopting a tax rate.
  • On August 5, 2019, the City Council took a roll call vote on the tax rate.
  • The two public hearings are on August 20, 2019 and September 3, 2019.
  • The tax rate adoption date is September 17, 2019, 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.
  •  
  • FINANCIAL SUMMARY:
  • Estimated maintenance and operations tax revenues of $83,207,732 (100% collection rate) for FY 2019-20 are based on this tax rate.