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Item No. 10 <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, 2017 <br />BACKGROUND: The ad valorem tax rate will increase by five cents, approved by voters in <br />May to pay increased debt service. This will change the city's actual rate from $0.50195 per <br />$100 of valuation to $0.55195, requiring us to conduct two public hearings on the tax rate. <br />STATUS OF ISSUE: The first public hearing will be conducted on September 5; the second is <br />advertised for Monday, September 11. The council is scheduled to adopt both the tax rate and <br />the annual operating budget at its special meeting on September 18. <br />BUDGET: The proposed tax rate will generate additional revenues of $1,044,376. <br />RECOMMENDATION: Conduct required public hearing. <br />