Board of Directors Budget Workshop #4


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Meeting Date: 08/06/2020  

SUBJECT MATTER:
Receive, consider and act upon the proposed 2020 debt service tax rate and maintenance and operations tax rate;
Receive, consider and act upon the proposed 2020 debt service tax rate and maintenance and operations tax rate;
Receive, consider and act upon the proposed 2020 debt service tax rate and maintenance and operations tax rate;
FISCAL IMPACT:
Not applicable
BACKGROUND:
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17, 2020 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office for the November 3, 2020 election.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the 8:30 a.m. Special Board Meeting is a 9:00 a.m. Public Hearing on the proposed tax rate.  The tax rate can be formally adopted at the Public Hearing after providing opportunities for the public to comment on the proposed rate. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-aproval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.xxxx
Maintenance and Operations $0.xxxx
Total Proposed 2019 Rate  $0.2240
 
This agenda item is included on the agendas for the August 4, August 5, August 6 and August 7 budget workshop meetings to provide the Board flexibility during the budget process to act upon the proposed 2020 tax rate.
At the conclusion of the budget workshops, the Board will vote on a proposed 2020 property tax rate for the 2021 budget.  The action on the proposed rate is not the formal adoption of the tax rate, but it does determine if required published notices and a public hearing on the proposed tax rate are necessary. 
 
If the proposed rate is at or below the no-new-revenue rate (previously referred to as the effective tax rate), a public hearing and published notices are not necessary.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for August 20, 2020 at 6:00 p.m.

If the proposed rate is above the no-new-revenue (effective) tax rate but lower than the voter-approval (rollback) rate, the Board will need to take action at the budget workshop meeting to confirm the date and time of a public meeting on the proposed tax rate.  The budget calendar adopted by the Board in April 2020 established August 26, 2020 at 5:00 p.m. as the date and time for the public hearing.  The Board may adopt the 2021 budget and 2020 tax rate at its regular meeting scheduled for the same day (August 26, 2020) at 6:00 p.m.  
 
If the proposed rate exceeds the voter-approval (rollback) rate, voter approval is required to implement the tax rate.  August 17 is the deadline for the Board to adopt the tax rate and submit the required ballot measure to the Secretary of State's Office.  Tax laws also state that the budget must be adopted prior to adopting a tax rate.  The budget calendar authorized by the Board in April 2020 includes a Special Board Meeting on August 17, 2020 at 8:30 a.m. to adopt the 2021 budget.  Immediately following the Special Board Meeting on August 17 is a 9:00 a.m. public hearing on the proposed tax rate.  The tax rate can be adopted by the Board at the conclusion of the public hearing. 
 
The proposed property tax rate consists of two components.  The first is a debt service rate, and the second is a maintenance and operations rate.
 
The debt service rate generates revenues to fund $3,193,450 of principal and interest payments due in 2021 on the Township’s unlimited tax bonds.  The 2020 debt service rate will be certified by the Montgomery County Tax Assessor’s office sometime during the week of the budget workshop meetings (August 3 - 7, 2020) and communicated to the Board.  Please note that once the proposed debt service rate is voted on by the Board of Directors, it cannot be revised.
 
The maintenance and operations component of the property tax rate generates revenues to fund expenditures other than those related to debt service.  Once the Board approves the proposed maintenance and operations rate, it can be lowered but not increased without triggering requirements for additional published notices and a public hearing.

The following chart is an example of information that will be provided to the Board once tax rate information is provided by the tax assessor's office.  Staff can calculate numerous tax rate scenarios to assist the Board in its adoption of a proposed tax rate.
 
  Maintain tax rate at current rate of $0.2240
Debt Service Rate $0.