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<br />REQUEST FOR CITY COUNCIL AGENDA ITEM <br />Appropriation <br />Agenda Date Requested: September 28, 2020 <br /> <br />Source of Funds: <br />Requested By: Michael Dolby, Director <br /> <br />Department: Finance <br />Account Number: <br /> <br />Amount Budgeted: <br />Report Resolution Ordinance <br /> <br /> <br /> <br />Amount Requested: <br />Exhibits: Ordinance & No-New-Revenue Tax Rate <br />Budgeted Item: Yes No <br /> <br />Calculation <br /> <br /> <br />SUMMARY & RECOMMENDATION <br />the no-new-revenue tax rate <br />at $0.715 and the voter-approval rate at $0.725. The no-new-revenue tax rate would <br />impose the same amount of taxes as last year if you compare properties taxed in both <br />years. The voter-approval tax rate is the highest tax rate a taxing unit can adopt without <br />holding an election. <br /> <br />Theproposed tax rate is $0.71; therefore, a public hearing on the tax rate is not <br />required. The fiscal year 2020-21 proposed budget was built around a tax rate of $0.71. <br />The breakdown of the tax rate is as follows: <br /> <br />Maintenance and operations = $0.617 <br />Interest and sinking = $0.93 <br /> <br />Staff recommends City Council approve the Ordinance establishing the tax rate of <br />$0.71 for fiscal year 2020-21. <br /> <br />ACTION REQUIRED BY CITY COUNCIL <br />Consider, discuss and possibly approve or deny an Ordinance establishing the <br />tax rate of $0.71 cents for fiscal year 2020-21. <br /> <br />Approved for the City Council meeting agenda <br /> <br />