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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.