City Council Meeting


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  G.3.       
Meeting Date: 09/18/2018  
Contact: Tracy Cormier, Managing Director of Financial Services

COUNCIL ACTION
Motion by Mayor Pro Tem Proctor with a second by Councilmember North to approve as presented. Motion passes 6-0. Note: This was a verbal, record vote in which each councilmember voted separately.
AGENDA ITEM:
Consider an Ordinance setting the Tax Rate and Levying the Ad Valorem Taxes for the 2018 Tax Year.
BACKGROUND:
The City Council has considered a proposed budget for Fiscal Year 2018-2019 with revenue projections using the proposed tax rate of $ 0.721394 per $100 valuation, which is a reduction from last year’s tax rate
FINDINGS:
This Ordinance setting the tax rate for Fiscal Year 2018-2019 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.
FINANCIAL IMPACT:
The total tax rate required to finance this budget is 72.1394 cents per $100 of valuation, with the Maintenance and Operations portion of 55.00 cents per $100 valuation, and the Interest and Sinking portion reduced from prior fiscal year to 17.1394 cents per $100 valuation. The total tax rate of 72.1394 cents per $100 valuation will provide funding for Maintenance and Operations expenditures, as well as payment for debt obligations.
RECOMMENDATION:
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 72.1394 cents per $100 valuation, which is effectively a 4.07 percent increase over the calculated Effective Tax Rate and a decrease in the Ad Valorem Tax Rate used in the prior fiscal year.”
MANAGEMENT REVIEW
Attachments
Tax Ordinance


    

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