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