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Item 6ECITY 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 Action Requested: The purpose of this request is to seek approval to adopt a tax increase and hold a public hearing on the tax rate. Background Information: The proposed tax rate of $.462 will exceed the effective tax Staff Recommendation: Approval to adopt a tax rate rate ($.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 hold two public hearings on the proposal. The second public hearing is scheduled for September 4 th . At each hearing, the governing body must announce the date, time and place of the meeting at which it will vote on the tax rate. Example: "The final vote on the tax rate is scheduled for September 18 at 6:OOpm during the regular session here at Town Hall in Council Chambers." 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 th Legal Review: None required Alternatives: None Supporting Documents: None Staff Recommendation: Approval to adopt a tax rate