Item 4KCITY OF
SOUTH LAKE
MEMORANDUM
July 31, 2012
To: Shana Yelverton, City Manager
From: Sharen Jackson, Director of Finance
Subject: Consider proposal to adopt a tax increase and set public
hearing on the tax rate for the August 21, 2012 and September
4, 2012 Regular City Council meetings
Action
Requested: Place proposal to adopt a tax increase and set public
hearing on the tax rate for the August 21, 2012 and
September 4, 2012 City Council meeting.
Background
Information: The proposed tax rate of $.462 will exceed the effective tax
Legal Review: None required
Alternatives: None
Supporting
Documents: None
Staff
Recommendation: Place a proposal to adopt a tax rate increase and set public
hearings for the August 21 st and September 4 Regular City
Council meeting.
rate ($.459457) and increase tax revenues. Even though
the tax rate is held at $.462, the tax rate exceeds the
effective tax rate ($.459457) by 0.55 %. Because the tax rate
exceeds the effective tax rate, the law requires that the city
council must vote to place a proposal to adopt the rate on
the agenda of a future meeting as an action item and hold
two public hearings on the proposal.
Financial
Considerations:
Property tax reduction of $138,656
Strategic Link:
F1 Adhere to financial management principles and budget
Citizen Input/
Board Review:
Public hearings scheduled for August 21" and September 4 t "
Legal Review: None required
Alternatives: None
Supporting
Documents: None
Staff
Recommendation: Place a proposal to adopt a tax rate increase and set public
hearings for the August 21 st and September 4 Regular City
Council meeting.