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Item No. 4 <br />Memorandum <br />TO: Mayor, Mayor Pro -Tem & City Council <br />Grayson Path, City Manager <br />FROM: Gene Anderson, Finance Director <br />SUBJECT: ORDINANCE ADOPTING THE PROPERTY TAX RATE AND TAX LEVY <br />DATE: September 13, 2022 <br />BACKGROUND: Each year the City Council must adopt a property tax rate sufficient to fund the <br />city budget as adopted by the Council. The ordinance setting the tax rate also indicates the amounts <br />of budget appropriations resulting from levying the adopted property tax rate. <br />At the proposed tax rate, the average residential homestead valued at $119,602 will pay $529.57 <br />in city property taxes. <br />STATUS OF ISSUE: The City Council, having adopted the 2022-23 City budget, must now adopt <br />a property tax rate of .44278 per $100 of valuation (0.34377 O&M rate and 0.09901 I&S rate). <br />This rate should produce $8,030,000 for the General Fund and $2,212,281 for the Interest & <br />Sinking Funds from which debt payments are made. <br />BUDGET: N/A <br />RECOMMENDATION: Motion to approve an ordinance fixing the property tax rate, property tax <br />levy, and levying the ad valorem taxes for the City of Paris for fiscal year 2022-23. <br />