Title
Consider and take action on the 2018 proposed ad valorem tax rate (fiscal year October 1, 2018 to September 30, 2019) of $0.5638. The tax rate will be adopted as an action item at a future meeting (Director of Finance)
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. This rate is used to prepare the required notices including a notice for public hearings if needed.
2017 Tax Rate $0.565000 / $100
2018 Effective Tax Rate $0.572255/ $100
2018 Rollback Rate $0.599476/ $100
On August 28th , the City Council approved the first reading of the budget ordinance for FY 2018-2019 based upon a tax rate of $0.5638 per $100 valuation. This proposed ad valorem tax rate does not exceed the lower of the effective tax rate and rollback rate; therefore, public hearings are not required. There will be another vote to adopt the final tax rate at a future meeting.
If the Council proposes a rate that exceeds $0.572255 / $100 valuation, two public hearings are required prior to adoption of the tax rate.
Attachments
1. Data Sheet
FUNDING
{ X} NOT APPLICABLE
{ } Funds are available from Account #___________________________
{ } Requires Budget Amendment to transfer from Account #____________to Account # ___________________
STRATEGIC PLANNING
{ X} Addresses Strategic Planning Critical Success Factor #2, Initiative #3, Action Item #E