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REQUEST FOR CITY COUNCIL AGENDA ITEM <br />Appropriation <br />Agenda Date Requested: September 14, 2015 <br />Source of Funds: N/A <br />Requested By: Michael G. Dolby, CPA <br />Account Number: N/A <br />Department: Finance <br />Amount Budgeted: N/A <br />Report: Resolution: Ordinance: XX <br />Amount Requested: N/A <br />Exhibits: Ordinance <br />Budgeted Item: YES NO <br />Exhibits: Effective Tax Rate Calculation <br />Exhibits: <br />SUMMARY & RECOMMENDATION <br />The Fiscal Year 2015-16 Budget was built around a tax rate of .71 cents per hundred dollar valuation. <br />A breakdown of the tax rate is as follows: <br /> General Fund = .605 cents per hundred dollar valuation <br /> Debt Service = .105 cents per hundred dollar valuation <br />The tax rate of .71 cents is the same rate that has been adopted for the last twenty-seven years. <br />The Effective Tax Rate = 0.717 cents per hundred dollar valuation, which is the maximum rate without <br />advertisements and a public hearing. <br />Action Required by Council: <br />Approve Ordinance establishing the tax rate for Fiscal Year 2015-16 at 71 cents per hundred dollar <br />valuation. <br />Approved for City Council Agenda <br />Corby D. Alexander, City Manager Date <br /> <br />