City Council
	Agenda Request
Agenda Of:	10-20-09	Agenda Request No:		vii-a
Initiated By:	Donna Svatek Treasury Manager	Responsible Department:		Fiscal Services
Presented By:	Donna Svatek Treasury Manager	Department Head:		Linda Symank Director Of Fiscal Services
		Additional Department. Head (s):		N/A
Subject / Proceeding:	Property Tax Rate – Tax year 2009 Hold Public Hearing
Exhibits:	N/A
Clearances			Approval
Legal:	N/A		Executive Director:	n/a
Purchasing:	n/a		Asst. City Manager:	N/A
Budget:	Jennifer Brown budget and Research Director		City Manager:	Allen Bogard for AB
Budget
Expenditure Required: $			n/a
Amount Budgeted/Reallocation: $			n/a
Additional Appropriation: $			n/a
Recommended Action
Receive and hear all persons wishing to speak regarding the 2009 proposed tax rate.
Executive Summary
The FY10 budget was adopted on September 15, 2009 with a proposed tax rate of $0.30000. The City received the 2009 certified tax roll on September 7, 2009. Since the proposed tax rate exceeds the calculated effective tax rate of $0.29096, and will generate more property tax revenue than in 2008, the City must follow the steps mandated by the Truth-in-Taxation law in order to adopt the same tax rate as 2008. On September 15, 2009, the City Council took the first step in the truth-in-taxation process by approving the placement of an item on a future meeting agenda for consideration to set the 2009 tax rate at $0.30000. The next step is for the City to hold two public hearings on the proposed tax rate. These public hearings must be held at least three days apart; and, the vote on the tax rate can be held no sooner than three days after the second public hearing. The Notice of Public Hearing on Tax Increase and the Effective Rate Calculation notices were published on September 23, 2009. The titles and language in the notices are mandated by law and cannot be altered by the City. Prior to the adoption of the tax rate, the City must publish a “Notice of Tax Revenue Increase” that states the date and time of the vote, and identifies the public hearings that were held by the City on the tax rate proposal. This notice will be published on October 21, 2009. The notice will also be posted to the City’s web page and municipal channel, as required. The first public hearing was held on October 6, 2009. Final adoption of the tax rate is scheduled for November 3, 2009. A resident with the average residential value of $255,557 and a 7% homestead exemption will see a 2009 tax bill of $766.67, an increase of $35.54 compared to the average 2008 tax bill of $731.13, which is based on the average value of $243,710 and a 7% homestead exemption.
Exhibits