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� <br /> .� � � . <br /> , , . <br /> FINANCIAL MANAGEl�1ENT DEPARTMENT <br /> #98-22 <br /> November 11, 1998 <br /> Memo To: Honorable Mayor d City Council <br /> From: James L. William , ., City Manager <br /> Beth B. Couter, Fi ance Director � <br /> Subject: 1998 Property Tax Levy For Budget Year 1999-2000 <br /> Attached for your review and consideration is the proposed taY levy for the <br /> u comin bud et ear- 1999-2000. <br /> P � � Y <br />, The schedule below reflects the Council's mandated formula to maintain the tax rate at <br /> no more than $1.45 and to use the rior eaz's EAV (e ualized assessed valuation) to compute <br /> , P Y q <br /> the dollar amount of the 1999-00 proposed taY lew. This year's ma�cimum computation is: <br /> EAV (equalized assessed valuation) * Tax rate = marimum dollaz amount of the levy <br /> $ 584,775,734 * $1.4� _ � 8,479,248 <br /> The above procedure has been followed by the Council for the past three years. <br /> Staff is recommending this year to not lew the maximum allowed by the Council <br /> formula. Instead the staff is recommending a tax rate of �1.4083, computed by dividing last <br /> year's EAV by the total dollars requested, or$ 244,2361ess than the maximum allowed: <br /> -, -, <br /> — _ .4 tax rate/ 100 of EAV <br /> Levy - expressed in dollars — $ 8,2�5,012 $1 08� $ <br /> Last year's EAV = $ 584,7�5,734 <br /> The tax levy changes from last year's levy are: <br /> • Debt Service - decreased by about 1%. <br /> • Library Levy - increased by 3% for operating e:cpenses <br /> • Police Protection- increased $160,000 to help pay for the 4 police o�cers hired under <br />' the COPS Ahead grant which ended in 1998. <br /> • Public Benefit- decreased by $65,707 because the 1987 special assessment bonds <br /> have been paid in full and are no longer outstanding. <br />