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Acceptance of the Report Identifying the Calculation of the 2018 Effective and Rollback Tax Rates; and Authorization to Publish Notice as Required by the Local Government Code Section 140.010.
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ADMINISTRATIVE COMMENTS:
Section 140.010 of the Local Government Code requires that the calculated effective tax rate and rollback tax rate be submitted to the Council and that a notice of calculated effective and rollback tax rates be published in a newspaper having general circulation in the county in which the municipality is located. The calculated rates are as follows: 2018 Effective Tax Rate - $0.415706, 2018 Effective Maintenance and Operation Rate - $0.303869. The 2018 Debt Rate and 2018 Rollback Rates to be published will be determined after City Council deliberation. The preliminary calculations are: 2018 Debt Rate - $0.122320, and 2018 Rollback Rate - $0.450498.
RECOMMENDATION:
That the City Council accept the preliminary report identifying the calculation of the 2018 effective and rollback tax rates and authorize the notice publication as required by the Local Government Code Section 140.010.