City Council Meeting

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

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.
Consider an Ordinance setting the Tax Rate and Levying the Ad Valorem Taxes for the 2018 Tax Year.
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
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.
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.
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.”
Tax Ordinance


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