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* <br /> 2 <br /> � .� <br /> ■ • <br /> FINANCIAL MANAGEMENT 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 T�Levy For Budget Year 1999-2000 <br /> Attached for your review and consideration is the proposed tax levy for the <br /> upcoming budget year- 1999-2000. <br /> The schedule below reflects the Council's mandated formula to maintain the ta�c rate at <br /> no more than $1.45, and to use the prior year's EAV (equalized assessed valuation) to compute <br /> the dollar amount of the 1999-00 proposed tax levy. This year's maximum computation is: <br /> EAV (equalized assessed valuation) * Tax rate =maximum dollar amount of the levy <br /> $ 584,775,734 * $1.45 = $ 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 levy 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 /> Levy - expressed in dollars = $ 8,235,012 = $1.4083 tax rate/$100 of EAV <br /> Last year's EAV = $ 584,755,734 <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 expenses <br /> • Police Protection - increased $160,000 to help pay for the 4 police officers 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 />