BACKGROUND/DISCUSSION:
Ordinance No. 2019-17 sets the tax rate at 45.9 cents (I&S at 17.7345 and M&O at 28.1655). This rate is reflected in the 2019-2020 fiscal year budget. The required public hearings have been held and notices have been published.
FINANCIAL IMPACT:
The collection of property taxes at the adopted rate is a major funding source for the General Fund and Debt Service Fund budgets.
RECOMMENDATION:
Staff recommends that the property tax rate of 0.459000 be adopted to fund the Fiscal Year 2019-2020 budget.
THE MOTION MUST BE STATED AS: I move that the property tax rate be increased by the adoption of a tax rate of .459000 percent, which is effectively a 6.53% increase in the tax rate.