BACKGROUND/DISCUSSION:
Ordinance No. 2020-19 sets the tax rate. The two tax rates being considered are: 46.1579 cents (I&S at 17.7341 and M&O at 28.4238) and 46.3280 (I&S at 17.341 and M&O at 28.5939). The rate reflected in the revised proposed budget is 46.3280. The higher rate has been published and the required public hearing has been held.
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 adopting a property tax rate of 46.3280 or 46.1579 to fund the Fiscal Year 202002021 budget.
THE MOTION MUST BE STATED AS EITHER:
I MOVE THAT THE PROPERTY TAX RATE BE INCREASED BY THE ADOPTION OF A TAX RATE OF $0.463280, WHICH IS EFFECTIVELY A 1.16 PERCENT INCREASE IN THE TAX RATE.
I MOVE THAT THE PROPERTY TAX RATE BE INCREASED BY THE ADOPTION OF A TAX RATE OF $0.461579, WHICH IS EFFECTIVELY A 0.79 PERCENT INCREASE IN THE TAX RATE.