HomeMy WebLinkAboutItem 07 - Tax IncreaseMEMOTO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: BRUNO RUMBELOW, CITY MANAGER
MEETING DATE: SEPTEMBER 17, 2019
SUBJECT: ADOPTION OF TAX INCREASE FOR FISCAL YEAR 2020
RECOMMENDATION: City Council to consider adopting a tax increase raising property taxes by
$1,470,451 (6%) over the previous year budget.
FUNDING SOURCE:
BACKGROUND: The Fiscal Year 2020 budget was developed using the proposed property
tax rate which is lower than the previous year rate by 0.005 per $100
value. The taxes collected are expected to be higher as a result of new
property added to the tax rolls and increased property values.
Staff recommends approval.