24 - Support for Proposed 2021-22 Tax Rate

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Item No. 24 TO: Mayor, Mayor Pro -Tem & City Council Mr. Grayson Path, City Manager FROM: Gene Anderson, Finance Director SUBJECT: SUPPORT FOR PROPOSED 2021-22 TAX RATE DATE: August 23, 2021 BACKGROUND: The State Comptroller has developed seven different versions of the form "NOTICE OF PUBLIC HEARING ON TAX INCREASE". Cities determine which form to use based on how the "Proposed Tax Rate", "No -New -Revenue Tax Rate", and "Voter -Approval Tax Rate" relate to each other. For the City of Paris' upcoming 2021-22 fiscal year, the "Proposed Tax Rate" exceeds the "No -New -Revenue Tax Rate" but does not exceed the "Voter -Approval Tax Rate". Therefore, the City must use State Comptroller Form 50-876 when publishing the "NOTICE OF PUBLIC HEARING ON TAX INCREASE". STATUS OF ISSUE: State Comptroller Form 50-876 includes a record vote by Council Members indicating their support or opposition to the "Proposed Tax Rate". This vote is not to adopt the tax rate. That vote will probably occur on September 14th. This vote is only to determine the Council's support or opposition to the "Proposed Tax Rate" at this time. The Council is not obligating themselves to vote a certain way when the tax rate vote occurs in September. BUDGET: N/A RECOMMENDATION: Motion to show support for the proposed 2021-22 City tax rate.