Title
Conduct First Public Hearing on Proposed Tax Rate for Fiscal Year 2013-14
Summary
MEETING DATE: August 20, 2013
DEPARTMENT: Financial Services
CONTACT: Rodney Rhoades, Chief Financial Officer
RECOMMENDED CITY COUNCIL ACTION:
-
- Conduct the first public hearing on the FY2013-14 proposed tax rate.
- Announce:
- Second Public Hearing: September 3, 2013, 6:00 p.m. at the Council Chambers
- Tax Rate Adoption Date: September 17, 2013, 6:00 p.m. at the Council Chambers
ITEM SUMMARY:
-
- The proposed tax rate is $0.58550 based on 100% market ratio on each $100 of all taxable property within the City. The proposed tax rate is the same as the current year.
- The rate for Maintenance and Operations (M&O) is $0.421789 per $100 valuation.
- The rate for Interest and Sinking Funds (I&S) is $0.163711 per $100 valuation.
- The tax rate ratio is 72% for M&O and 28% for I&S.
- The proposed tax rate exceeds the effective tax rate of $0.559903.
- 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 $217,232 would be $1,271.89.
- BACKGROUND INFORMATION:
- State law requires an entity to hold two public hearings before adopting a tax rate.
- On August 5, 2013, the City Council took a roll call vote on the tax rate.
- The two public hearings are on August 20, 2013 and September 3, 2013
- The tax rate adoption date is September 17, 2013, which must be a record vote.
FINANCIAL SUMMARY:
- Estimated tax revenues of $49,820,308 (99.5% collection rate) for FY 2013-14 are based on this tax rate.