R97-156 APPROPRIATING FUNDS - Laserfiche WebLink

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FINANCIAL MANAGEMENT DEPARTMENT # 97-28 October 27, 1997 MEMO TO: Honorable Mayor and City Council FROM: James L. Williams, Jr., City Manager Beth B. Couter, Director of Financial Management SUBJECT: 1997 Property Tax Levy for Budget Year 1998-1999 Attached for your review and consideration is the proposed tax levy for the upcoming budget year. The attached schedule reflects the Council's mandate to maintain the tax rate at$1.45, and to use the prior year's EAV (equalized assessed valuation) to compute the maximum dollar amount of the 1998-1999 proposed tax levy. This year's computation is: 1996 EAV (equalized assessed valuation) * Tax Rate =maximum dollar amount of the levy $556,819,371 * $1.45 = $8,073,880 The above procedure has been followed for the last two years by the Council. When the Macon County Clerk's office extended the levy each spring the actual property tax rates were: Tax Year Pro�osed Tax Rate Actual Tax Rate 1995 $ 1.45 $ 1.4184 1996 $ 1.45 $ 1.4098 The reason the property tax rate decreased from the proposed tax rate of $1.45 to the actual rates, is due to an increase in the EAV from the prior year's amount used in the proposed levy computation. It is anticipated the same thing will happen in the spring of 1998, that the EAV used in the computation above will be less than the EAV used in the actual extension computation by the Macon County Clerk. Therefore, the 1997 actual tax rate should be less than the proposed tax rate of $1.45.