The proposed overall Tax Rate of $0.588310 on each $100 of taxable value must be apportioned between Maintenance and Operations (M&O) and Interest and Sinking Fund (I&S). The M&O Rate is $0.419242 on each $100 of taxable value and the I&S Rate is $0.169068 on each $100 of taxable value which, when combined, equal the total Tax Rate of $0.588310 on each $100 of taxable value.
Therefore, it is recommended that City Council adopt an overall tax rate, based on the FY2019 Estimate. It is recommended that City Council adopt a 2018 tax rate for Maintenance and Operations of $0.419242 on each $100 of taxable value and a tax rate for the Interest and Sinking Fund of $0.169068 on each $100 of taxable value.
_________________________________________
Tantri Emo, Finance Director