Item 4KM E M O R A N D U M
August 11, 2008
TO: Shana Yelverton, City Manager
FROM: Sharen Jackson, Director of Finance
Consider placing a proposal to adopt a tax increase and hold a public hearing on
SUBJECT:
the tax rate on the agenda of the September 2 and 16, 2008 Regular City Council
meetings
___________________________________________________________________________
Action Requested:
Place a proposal to adopt a tax increase and hold a public hearing on the tax
rate on the agenda of the September 2 and 16, 2008 Regular City Council
meeting.
Background
Information:
The proposed tax rate of $.462 will exceed the lower of the rollback rate
($.453811) or the effective tax rate ($.452968) and increase tax revenues.
Even though the tax rate is held at $.462, the tax rate exceeds the lower of the
rollback rate ($.453811) or the effective tax rate ($.452968). Because the tax
rate exceeds the lowest rate, the law requires that the city council must vote to
place a proposal to adopt the rate increase on the agenda of a future meeting as
an action item and hold a public hearing on the proposal.
Financial
Considerations:
None required
Citizen Input/
Board Review:
Public Hearings scheduled for September 2 and 16, 2008
Legal Review:
None required
Alternatives:
None
Supporting
Documents:
None
Staff
Recommendation:
Place a proposal to adopt a tax rate increase and hold a public hearing on the
tax rate on the agenda of the September 2 and 16, 2008 Regular City Council
meeting.