File #: 20-0804    Name: FY 2021 Tax Rate - Public Hearing and Adoption
Type: Ordinance Status: Public Hearing
In control: City Council Regular Meeting
On agenda: 9/15/2020 Final action:
Title: Conduct Public Hearing to Consider/Discuss/Act on an Ordinance Adopting a Tax Rate for Fiscal Year 2020-21 (Tax Year 2020)
Attachments: 1. Ordinance, 2. Presentation

Title

Conduct Public Hearing to Consider/Discuss/Act on an Ordinance Adopting a Tax Rate for Fiscal Year 2020-21 (Tax Year 2020)

 

Summary

 

COUNCIL GOAL:                     Financially Sound Government

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

 

MEETING DATE:                     September 15, 2020  

 

DEPARTMENT:                      Financial Services

 

CONTACT:                                            Mark Holloway, Chief Financial Officer

                                                               

 

RECOMMENDED CITY COUNCIL ACTION:

  • Conduct the public hearing on the FY2020-21 proposed tax rate.
  • Conduct a record vote to adopt the tax rate.
  • Approve the ordinance to adopt the tax rate.
  •  
  • ITEM SUMMARY:
  • The proposed tax rate is $0.508645 based on 100% market ratio on each $100 of all taxable property within the City. The proposed tax rate is $0.006955 cents lower than last year.
  • The rate for Maintenance and Operations (M&O) is $0.354711 per $100 valuation. 
  • The rate for Interest and Sinking Funds (I&S) is $0.153934 per $100 valuation.
  • The tax rate ratio is 70% for M&O and 30% for I&S. 
  • The proposed tax rate is equal to the no-new-revenue tax rate of $0.508645.
  • 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 $349,000 would be $1,775.
  •  
  • BACKGROUND INFORMATION:
  • State law requires an entity to hold a public hearing before adopting a tax rate.
  • On August 4, 2020, the City Council took a roll call vote on the tax rate and announced the public hearing and adoption date of September 15, 2020.
  • Adoption 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 $86,925,487 for FY 2020-21 are based on this tax rate.