Title
Consider and take action on the 2022 proposed ad valorem tax rate (Fiscal Year 2023 - October 1, 2022 to September 30, 2023) of $0.415526. The tax rate will be adopted as an action item at the September 27, 2022 Council meeting. (Executive Director of Finance & Budget)
Council postponed 7-1-0 on August 9, 2022.
Background:
To begin the tax rate setting process, the City Council is required to propose a tax rate. This agenda item is for that purpose. The rate is used to prepare the required notices including a notice for public hearings if needed.
2021 Tax Rate (FY2022 Budget) $0.465526 / $100
2022 No-New-Revenue Tax Rate (FY2023 Budget) $0.420887 / $100
2022 Voter-Approval-Rate (FY2023 Budget) $0.657675 / $100
On July 12, City Council was presented the FY2023 proposed budget based on an estimated no-new-revenue tax rate of $0.44 per $100 valuation based on estimated taxable values of $11.4 billion. Based on certified taxable values at $12.07 billion received in late July, the no-new-revenue tax rate is $0.420887 and the voter-approval-rate is $0.657675. Staff recommends proposing a tax rate of $0.415526 per $100 valuation which funds the FY2023 Proposed Budget with anticipated Council changes from the budget workshops. This estimated ad valorem tax rate does not exceed the no-new-revenue tax rate; therefore, a public hearing is not required. There will be another vote to adopt the final tax rate at the September 27, 2022 Council meeting.
If the Council proposes a rate that is lower than the no-new-revenue tax rate of $0.420887/ $100 valuation, notice of the tax rate adoption must be published Tuesday, September 20th in order to meet the requirement for publication at least 7 days prior to adoption of the rate on September 27th.
If the Council proposes a rate that exceeds the no-new-revenue tax rate of $0.420887/ $100 valuation, a public hearing is required prior to the adoption of the tax rate on September 27th. Based on the cur...
Click here for full text