06-Ordinance Adopting Property Tax Rate and Tax Levy

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Item No. 6 memorandum TO: City Council John Godwin, City Manager FROM: Gene Anderson, Finance Director SUBJECT: ORDINANCE ADOPTING THE PROPERTY TAX RATE AND TAX LEVY DATE: September 15, 2016 BACKGROUND: Each year the City Council must adopt a property tax rate sufficient to fund the city budget as adopted by the Council. The ordinance setting the tax rate also indicates the amounts of budget appropriations resulting from levying the adopted property tax rate. At this tax rate, the average residential homestead valued at $76,302 will pay $382.99 in city property taxes. STATUS OF ISSUE: The City Council, having adopted the 2016 -17 City budget, must now adopt a property tax rate of .50195 per $100 of valuation (0.42443 O &M rate and 0.07752 I &S rate). This rate should produce $6,750,000 for the General Fund and $ 1,170,682 for the Interest & Sinking Funds from which debt payments are made. BUDGET: N/A RECOMMENDATION: Motion to approve an ordinance fixing the property tax rate, property tax levy, and levying the ad valorem taxes for the City of Paris for fiscal year 2016 -17.