Title
Discuss and consider action to approve a resolution specifying a proposed maximum FY22 property tax rate and scheduling the date for the public hearing.
Summary
Summary of Tax Rates:
No-New-Revenue Tax Rate: $0.4504
Un-Adjusted Voter-Approval Tax Rate: $0.4970
Unused Increment: $0.0135
Voter-Approval Tax Rate: $0.5105
When a municipality's proposed tax rate exceeds its calculated voter-approval rate ($0.5105) or no-new-revenue rate ($0.4504), whichever is lower, the taxing unit's governing body must specify a proposed rate, hold a public hearing, 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 a proposed tax rate of $0.4970, which is lower than the calculated voter-approval rate of $0.5105. Attached is a summary of the various FY22 rates (no-new-revenue, voter-approval, and proposed) compared to the FY21 adopted rate. For each calculated rate, the document summarizes: the net tax revenue, rate distribution (operating and debt), and funding distribution.
The rate specified tonight will be used in all notices required to be published on the tax rate. The next step in the property tax rate adoption process is to hold a public hearing, as required if the proposed rate exceeds the lower of the no-new-revenue or voter-approval rate. The hearing is currently scheduled for August 24, 2021 at 7:00 p.m. The final action, adoption of the tax rate, is scheduled for August 24, 2021.
Deadline for City Council Action
August 10, 2021. Action must occur at this meeting in order continue with the current tax adoption schedule.
Funding Expected: Revenue _X_ Expenditure __ N/A __
Budgeted Item: Yes __ No __ N/A _X_
Amount: _N/A_______
1295 Form Required? Yes __ No _X_
Legal Review Required: N/A _X_ Required ___ Date Completed: __08/02/2021__
Supporting documents attached:
Resolution
Proposed Tax Rate History
Recommended Action:
Approve the resolution specifying a proposed maximum property tax rate for FY22 of $0.4970 and schedule the public hearing for Tuesday, August 24, 2021.