AGENDA CAPTION:
Title
Consider approval of Resolution 2024-161R, setting a maximum proposed tax rate of 60.30 cents per $100.00 of taxable value; setting the dates of September 3, 2024 and September 17, 2024 to hold public hearings on the tax rate; and declaring an effective date.
Body
Meeting date: August 20, 2024
Department: Finance
Amount & Source of Funding
Funds Required: N/A
Account Number: N/A
Funds Available: N/A
Account Name: N/A
Fiscal Note:
Prior Council Action: On March 19,2024, City Council passed Resolution 2024-43R, approving the FY 2025 Budget Policy Statement. The Budget Policy Statement provided guidance for the property tax rate to be kept the same as the FY 2024 adopted tax rate.
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Public Safety, Core Services & Fiscal Excellence
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Background Information:
Truth-in-taxation laws require the governing body to publish notice and hold a public hearing if the maximum proposed tax rate exceeds the lower of the no-new-revenue tax rate or the voter-approval tax rate. The following tax rates are important relative to the FY 2025 Budget:
No-New-Revenue Rate 59.96?
Proposed Budget Rate 60.30?
Current Rate 60.30?
Voter Approval Rate 70.36?
City Council must set the maximum proposed tax rate for the FY 2025 Budget. The final adopted tax rate may be equal to or lower than the maximum proposed tax rate. The final adopted t...
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