Item 21: Setting Tax Rate at 67.69 on each $100 Taxable Value of Real Property

[COSM_Admin]

Receive a Staff presentation and hold a Public Hearing to receive comments for or against Ordinance 2025-37, setting the tax rate for the 2025 tax year at 67.69 cents on each $100.00 of taxable value of real property that is not exempt from taxation; levying taxes for the use and support of the municipal government of the city for the fiscal year beginning October 1, 2025, and ending September 30, 2026; providing a sinking fund for the retirement of the bonded debt of the city; including procedural provisions; and declaring an effective date; and consider approval of Ordinance 2025-37 on the first of two readings.

 

[JHughson]

I wish the presentation showed the “voter-approved rate” so that the public would see that we are considering a rate lower than that. You show the “maximum tax rate” which council set, by law, at the proper time, which is totally accurate, but it can look to the public like we are setting the tax rate at the maximum allowed by law without taking it to an election.

When was the list “One-Time Funding for Current and Future Needs” on page 1125, slide 7 provided to council so I can read the details?

 

[COSM_Admin]

Response provided by Trisha Patek, Budget Manager:
I wish the presentation showed the “voter-approved rate” so that the public would see that we are considering a rate lower than that. You show the “maximum tax rate” which council set, by law, at the proper time, which is totally accurate, but it can look to the public like we are setting the tax rate at the maximum allowed by law without taking it to an election.
The Voter-Approval Tax Rate and definition has been added to the presentation (slide 4 of the Property Tax Rate Public Hearing Presentation). The agenda packet and interactive agenda have been updated online.

When was the list “One-Time Funding for Current and Future Needs” on page 1125, slide 7 provided to council so I can read the details?
Council set the maximum proposed tax rate at the August 19th meeting of 67.69¢. This rate creates $3,573,132 in additional capacity to address current and future funding needs. Of this amount, $2,252,465 can be used for on-going needs (i.e. EMS funding and expiring Federal funding). The remaining $1,320,667 can be used for one-time needs. The list on slide 7 of the Property Tax Rate Public Hearing Presentation was created to provide Council with one-time needs that staff have identified.