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Item No. 9 <br />memorandum <br />TO: Mayor & City Council <br />FROM: John Godwin, City Manager <br />SUBJECT: PUBLIC HEARING ON 2017 TAX RATE <br />DATE: August 25, 2016 <br />BACKGROUND: Though we are leaving the ad valorem tax rate the same as it is during the <br />current year ($0.50195/$100 valuation), because of increased valuations, we are required to <br />conduct two public hearings on the tax rate. <br />STATUS OF ISSUE: The first public hearing was conducted on September 6; the second is <br />advertised for Monday, September 12. The council is scheduled to adopt the tax rate and budget <br />on September 19. <br />BUDGET: The proposed tax rate will generate additional revenues of $486,082. <br />RECOMMENDATION: Conduct required public hearings. <br />