AGENDA CAPTION:
Title
Consider approval of Resolution 2021-158R, setting a maximum proposed Tax Rate of $60.30 cents per $100 taxable value; and declaring an effective rate.
Body
Meeting date: August 17, 2021
Department: Finance Department, Marie Kalka, Finance Director
Amount & Source of Funding
Funds Required: Click or tap here to enter text.
Account Number: Click or tap here to enter text.
Funds Available: Click or tap here to enter text.
Account Name: Click or tap here to enter text.
Fiscal Note:
Prior Council Action: Click or tap here to enter text.
City Council Strategic Initiative: [Please select from the dropdown menu below]
Choose an item.
Choose an item.
Choose an item.
Comprehensive Plan Element (s): [Please select the Plan element(s) and Goal # from dropdown menu below]
? Economic Development - Choose an item.
? Environment & Resource Protection - Choose an item.
? Land Use - Choose an item.
? Neighborhoods & Housing - Choose an item.
? Parks, Public Spaces & Facilities - Choose an item.
? Transportation - Choose an item.
? Not Applicable
Master Plan: [Please select the corresponding Master Plan from the dropdown menu below (if applicable)]
Choose an item.
Background Information:
The State Tax Code defines steps which taxing entities must follow in adopting their tax rates. This motion will propose a maximum tax rate of 60.30 cents for anticipated future adoption at the September 21, 2021 City Council meeting. If the tax rate exceeds the no new revenue (NNR) or voter approval tax rate, the governing body must take a vote and schedule public hearings on the tax rate. Although not required since we are below the NNR rate, Council directed staff to continue having two public hearings for both the tax rate and the budget so the public hearings are proposed to be scheduled for September 7 and September 21, 2021 with adoption of the tax rate on September 21, 2021.
The no new revenue tax rate for tax year 2021 is 69.99 cents per $100 val...
Click here for full text