98-73 ABATING LEVY - Laserfiche WebLink

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,. FINANCIAL MANAGEMENT DEPARTMENT #98-�2 November 11, 1998 Memo To: Honorable Mayor d City Council From: James L. William , ., City Manager C Beth B. Couter, Fi ance Director � Subject: 1998 Property Tax Levy For Budget Year 1999-2000 Attached for your review and consideration is the proposed t� levy for the upcoming budget year- 1999-2000. The schedule below reflects the Council's mandated formula to maintain the tax rate at no more than $1.45, and to use the prior year's EAV (equalized assessed valuation) to compute the dollar amount of the 1999-00 proposed tax lew. This year's maximum computation is: EAV (equalized assessed valuation) * Tax rate = marimum dollar amount of the levy $ 584,775,734 * �1.45 = $ 8,479,248 The above procedure has been followed by the Council for the past three years. Staff is recommending this year to not levy the maximum allowed by the Council formula. Instead the staff is recommending a tax rate of $1.4083, computed by dividing last yeaz's EAV by the total dollars requested, or$ 2�4,2361ess than the maximum allowed: Levy - expressed in dollars = $ 8,235,012 = $1.4083 tax rate/$100 of EAV Last year's EAV = $ 584,75�,734 The tax levy changes from last year's levy are: • Debt Service - decreased by about 1%. • Library Levy - increased by 3% for operating expenses • Police Protection - increased $160,000 to help pay for the 4 police officers hired under the COPS Ahead grant which ended in 1998. • Public Benefit - decreased by $6�,707 because the 1987 special assessment bonds have been paid in full and are no longer outstanding.