08 - Public Hearing on Tax RateItem No. 8
memorandum
TO: Mayor & City Council
FROM: John Godwin, City Manager
SUBJECT: PUBLIC HEARING ON 2018 TAX RATE
DATE: August 29, 2018
BACKGROUND: The actual ad valorem tax rate will remain the same, at $0.55195 per $100 of
valuation. Because this rate will generate additional property tax revenues to the city due to
increased valuations and new construction, we are required to conduct two public hearings on the
rate.
STATUS OF ISSUE: The first public hearing was conducted on September 4; the second is
advertised for Monday, September 10. The council is scheduled to adopt both the tax rate and
the annual operating budget at its regular meeting on September 17.
BUDGET: The proposed tax rate will generate additional revenues of $367,820, or an increase
of 4.35%.
RECOMMENDATION: Conduct required public hearings.