City Council Meeting


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Meeting Date: 09/17/2019  
Contact: Tracy Cormier, Managing Director of Financial Services

Motion by Councilmember Marks with a second by Councilmember Quarles to approve as presented. Motion passes 6-0.  Note: This was a Roll Call/Record Vote.
Consider an Ordinance setting the tax rate and levying the Ad Valorem Taxes for the 2019 Tax Year.
The City Council has considered a proposed budget for Fiscal Year 2019-2020 with revenue projections using the proposed tax rate of $0.701554 per $100 valuation, which is a reduction from last year’s tax rate.
This Ordinance setting the tax rate for Fiscal Year 2019-2020 conforms to the Property Tax Code. This year’s tax rate will raise more taxes for Maintenance and Operations than last year’s tax rate.
The total tax rate required to finance this budget is 70.1554 cents per $100 of valuation, with the Maintenance and Operations portion of 55.016 cents per $100 valuation, and the Interest and Sinking portion reduced from prior fiscal year to 15.1394 cents per $100 valuation. The total tax rate of 70.1554 cents per $100 valuation will provide funding for Maintenance and Operations expenditures, as well as payment for debt obligations.
Staff recommends Council approve an ordinance adopting the tax rate with the following language: “I move that the property tax rate be increased by the adoption of a rate of 70.1554 cents per $100 valuation, which is effectively a 6.50 percent increase over the calculated Effective Tax Rate and a decrease in the Ad Valorem Tax Rate used in the prior fiscal year.”
Tax Ordinance


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