File #: 23-0719    Name: Tax Rate Adoption Ordinance
Type: Ordinance Status: Approved
In control: City Council Regular Meeting
On agenda: 9/5/2023 Final action: 9/5/2023
Title: Conduct Public Hearing to Consider/Discuss/Act on an Ordinance Adopting a Tax Rate for Fiscal Year 2023-24 (Tax Year 2023)
Attachments: 1. Ordinance, 2. Presentation

Title

Conduct Public Hearing to Consider/Discuss/Act on an Ordinance Adopting a Tax Rate for Fiscal Year 2023-24 (Tax Year 2023)

 

Summary

 

COUNCIL GOAL:                     Financially Sound Government

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

 

MEETING DATE:                     September 5, 2023  

 

DEPARTMENT:                      Financial Services

 

CONTACT:                                            Mark Holloway, Chief Financial Officer

                                                               

 

RECOMMENDED CITY COUNCIL ACTION:

  • Conduct the public hearing on the FY2023-24 proposed tax rate.
  • Conduct a record vote to adopt the tax rate.
  • Approve the ordinance to adopt the tax rate.
  • A motion to adopt the tax rate ordinance must be made in the following form:
  •  
  • “I move that the property tax rate be increased by the adoption of a tax rate of 0.427513, which is effectively a 4.48% percent increase in the tax rate.”
  •  
  • ITEM SUMMARY:
  • The proposed tax rate is $0.427513 based on 100% market ratio on each $100 of all taxable property within the City. The proposed tax rate is $0.02997 cents lower than last year.
  • The rate for Maintenance and Operations (M&O) is $0.286688 per $100 valuation. 
  • The rate for Interest and Sinking Funds (I&S) is $0.140825 per $100 valuation.
  • The tax rate ratio is 67% for M&O and 33% for I&S. 
  • The proposed tax rate exceeds the no-new-revenue tax rate of $0.409180.
  • 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 $466,249 would be $1,993.
  •  
  • BACKGROUND INFORMATION:
  • State law requires an entity to hold a public hearing before adopting a tax rate.
  • On August 1, 2023, the City Council took a roll call vote on the tax rate and announced the public hearing and adoption date of September 5, 2023.
  • The vote on the ordinance setting a tax rate that exceeds the no-new-revenue tax rate 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 $102,938,879 for FY 2023-24 are based on this tax rate.