Title
Conduct Public Hearing to Consider/Discuss/Act on an Ordinance Adopting a Tax Rate for Fiscal Year 2024-25 (Tax Year 2024)
Summary
COUNCIL GOAL: Financially Sound Government
(4A: Provide Funding and Organizational Framework to Ensure Continual Economic Improvements)
MEETING DATE: September 3, 2024
DEPARTMENT: Financial Services
CONTACT: Mark Holloway, Chief Financial Officer
RECOMMENDED CITY COUNCIL ACTION:
* Conduct the public hearing on the FY2024-25 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 0.415513, which is effectively a 3.27% percent increase in the tax rate."
ITEM SUMMARY:
* The proposed tax rate is $0.415513 based on 100% market ratio on each $100 of all taxable property within the City. The proposed tax rate is $0.012000 cents lower than last year.
* The rate for Maintenance and Operations (M&O) is $0.278935 per $100 valuation.
* The rate for Interest and Sinking Funds (I&S) is $0.136578 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 $0.402339.
* 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 $514,460 would be $2,137.
BACKGROUND INFORMATION:
* State law requires an entity to hold a public hearing before adopting a tax rate.
* On August 6, 2024, the City Council took a roll call vote on the tax rate and announced the public hearing and adoption date of September 3, 2024.
* 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 m...
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