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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