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Item No. 8 <br />memorandum <br />TO: Mayor & City Council <br />FROM: John Godwin, City Manager <br />SUBJECT: PUBLIC HEARING ON 2018 TAX RATE <br />DATE: August 29, 2018 <br />BACKGROUND: The actual ad valorem tax rate will remain the same, at $0.55195 per $100 of <br />valuation. Because this rate will generate additional property tax revenues to the city due to <br />increased valuations and new construction, we are required to conduct two public hearings on the <br />rate. <br />STATUS OF ISSUE: The first public hearing was conducted on September 4; the second is <br />advertised for Monday, September 10. The council is scheduled to adopt both the tax rate and <br />the annual operating budget at its regular meeting on September 17. <br />BUDGET: The proposed tax rate will generate additional revenues of $367,820, or an increase <br />of 4.35%. <br />RECOMMENDATION: Conduct required public hearings. <br />