Item 6HCITY OF
SOUTHLAKI
MEMORANDUM
August 28, 2013
To: Shana Yelverton, City Manager
From: Sharen Jackson, Chief Financial Officer
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 $.462 will exceed the effective tax
rate ($.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 hold a public hearing on the proposal. 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 181" at 6:OOpm during the regular session here at
Town Hall in Council Chambers."
Financial
Considerations:
Property tax reduction of $719,122
Strategic Link:
F1 Adhere to financial management principles and budget
Citizen Input/
Board Review:
Public hearing scheduled for September 3rd
Legal Review: None required
Alternatives: None
Supporting
Documents: None
Staff
Recommendation: Approval to adopt a tax rate