Title
Discuss and consider action to approve a resolution specifying a proposed fiscal year 2017 property tax rate of $0.5399/$100 valuation and scheduling the dates for the public hearings.
Summary
When a proposed tax rate exceeds the rollback rate or the effective rate, whichever is lower, the taxing unit’s governing body must specify a proposed rate and place a proposal to adopt the rate on the agenda of a future meeting as an action item. This vote must be recorded and the proposal must specify the desired maximum rate. As a maximum rate, Council can choose to adopt a lower rate, but the adopted rate may not exceed this proposed and published rate.
The attached resolution includes the wording required for the tax rate proposal and the increase in maintenance and operations taxes on a static $100,000 home over last year's tax rate. The proposed tax rate included in this resolution is the rollback rate of $0.5339/$100 valuation. The resolution has been approved by the City Attorney.
Fiscal Impact
The fiscal impact of this item is outlined in the 2017 proposed budget.
Staff Recommendation
Adopt the resolution specifying the proposed tax rate and scheduling the public hearings.
Projected Future City Council Action
September 13, 2016 - Public Hearing on the Proposed Tax Rate
September 20, 2016 - Public Hearing on the Proposed Tax Rate
September 27, 2016 - Vote on adoption of the tax rate
Drafter
Lauri Gillam
Assistant City Manager