Title
Consider and take action on the 2020 proposed ad valorem tax rate (Fiscal Year 2021 - October 1, 2020 to September 30, 2021) of $0.515. The tax rate will be adopted as an action item at the September 8, 2020 Council meeting. (Director of Budget & Project Management)
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.
2019 Tax Rate $0.548581 / $100
2020 No-New-Revenue Tax Rate $0.515708 / $100
2020 Voter-Approval-Rate $0.528398 / $100
On July 14, City Council was presented the FY2021 proposed budget based on an estimated no-new-revenue tax rate of $0.535 per $100 valuation based on estimated taxable values of $9.10 billion. Based on certified taxable values at $9.72 billion received in late July, the no-new-revenue tax rate is $0.515708 and the voter-approval-rate is $0.528398. Staff recommends proposing a tax rate of $0.515 per $100 valuation which funds the FY2021 Proposed Budget. 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 8, 2020 Council meeting.
If the Council proposes a rate that is lower than the no-new-revenue tax rate of $0.515708/ $100 valuation, notice of the tax rate adoption must be published prior to adoption of the rate on September 8th.
If the Council proposes a rate that exceeds the no-new-revenue tax rate of $0.515708/ $100 valuation, a public hearing is required prior to the adoption of the tax rate on September 8th.
If the Council proposes a rate that exceeds the voter-approval-rate of $0.528398/ $100 valuation, the budget and tax rate must be adopted by August 18th and the Council must call for an election on the November uniform election date.
Attachments
1. Data Sheet...
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