Item 4GCITY OF
SOUTHLAKI
MEMORANDUM
August 8, 2013
To: Shana Yelverton, City Manager
From: Sharen Jackson, Chief Financial Officer
Subject: Consider proposal to adopt a tax increase and set public
hearing on the tax rate for the September 3 and September 17,
2013 Regular City Council meetings
Action
Requested: Place proposal to adopt a tax increase and set public
hearing on the tax rate for the September 3, 2013 and
September 17, 2013 City Council meeting.
Background
Information: The proposed tax rate of $.462 will exceed the effective tax
rate ($.448912) and increase tax revenues. Even though
the tax rate is held at $.462, the tax rate exceeds the
effective tax rate ($.448912) by 2.9%. 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 $719,122
Strategic Link: F1 Adhere to financial management principles and budget
Citizen Input/
Board Review: Public hearings scheduled for September 3rd and September
17th
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 September 3rd and September 17th Regular
City Council meeting.