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Item 7ACity of Southlake, Texas MEMORANDUM August 10, 2006 TO: Shana Yelverton, City Manager FROM: Sharen Jackson, Director of Finance SUBJECT: Consider placing a proposal to adopt a tax increase and hold a public hearing on the tax rate on the agenda of the September 5 and 19, 2006 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 5 and 19, 2006 Regular City Council meeting. Background Information: The proposed tax rate of $.462 will exceed the lower of the rollback rate ($.437258) or the effective tax rate ($.436952) and increase tax revenues. Even though the tax rate is held at $.462, the tax rate exceeds the lower of the rollback rate ($.437258) or the effective tax rate ($.436952). 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 5 and 19, 2006 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 5 and 19, 2006 Regular City Council meeting.