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AI# 12808
Special City Council Meeting
1.2.
09/03/2024:
Agenda Item
Public Hearing - Finance:
Hold a public hearing on a proposal to adopt a tax rate of 0.477402 cents per $100 valuation, which is effectively a 2.28 percent increase in the tax rate (percentage the proposed tax rate exceeds the no-new-revenue tax rate).
Item Summary
On August 13, 2024, the City Council approved a resolution for a proposed maximum tax rate of $0.477402 cents per $100 valuation. A public hearing is required prior to adopting a tax rate that is higher than the no-new-revenue rate or voter-approval rate.
A property tax rate of $0.477402 per $100 valuation is proposed, which is higher than the no-new-revenue rate and lower than the voter-approval rate. The tax rate is distributed as follows:
General Fund Maintenance and Operations
$0.364738
Interest and Sinking Fund
$0.112664
Fiscal Impact
The tax rate is scheduled to be adopted at the September 10, 2024 City Council Meeting. The fiscal impact of that decision is unknown until the tax rate is chosen and adopted.
Staff/Board Recommending
Cheryl Brock, Interim Chief Financial Officer
Attachments
Tax Rate Notice
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