Item 6ICITY OF
SOUTH LAKE
MEMORANDUM
August 29, 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