10 - PUBLIC HEARING ON 2018 TAX RATEItem No. 10
memorandum
TO: Mayor & City Council
FROM: John Godwin, City Manager
SUBJECT: PUBLIC HEARING ON 2018 TAX RATE
DATE: August 29, 2017
BACKGROUND: The ad valorem tax rate will increase by five cents, approved by voters in
May to pay increased debt service. This will change the city's actual rate from $0.50195 per
$100 of valuation to $0.55195, requiring us to conduct two public hearings on the tax rate.
STATUS OF ISSUE: The first public hearing will be conducted on September 5; the second is
advertised for Monday, September 11. The council is scheduled to adopt both the tax rate and
the annual operating budget at its special meeting on September 18.
BUDGET: The proposed tax rate will generate additional revenues of $1,044,376.
RECOMMENDATION: Conduct required public hearing.