HomeMy WebLinkAboutAgenda Statement 1973/08/21 Item 13 Item No. 13
august 21, 1973
Ordinance 1489 . aGE\D� ITEN V0. [ 13 ]
CHUL.A VISTA CITI' COU\CIL �tEETI\G OF: August 21 , 19%3
ITE+iTITLE: Ordinance - Setting tax rate for fiscal year 1973- 74 -
First reading and adoption
I\ITIATED BY: City Dfanager/Director of Finance
BACKGROUND
The State Government Code , Section 51511 , requires that annually,
before September lst , the City Council shall fix the rate of taxes
� upon each one hundred dollars , using as a basis the value of the
property as assessed and equalized . The rate shall be foriaarded
to the County Auditor .
The provided Ordinance serves that purpose and in summary calls
for a total tax rate of $1 . 45 per $100 assessed valuation for
fiscal 1973- 74 , �ahich maintains the tax rate of fiscal 1972 -73 .
ATTACHED: Resolution [ ] Ordinance [x] Agreement [ ] Plat [ ]
See EXHIBITS � ] No. 1 , 2
Financial Statement: Total City property tax revenue is estimated to be
$2 , 538 , 690 based on net valuations of 174 , 760 , 363 , after exemptions
and less 1; for a delinquency factor (�173 , 012 , 760) . Also $30 , 000
has been included in this revenue estimate to cover estimated 1972 -73
recovered delinquencies .
Commission-Board Recommendation:
N.A.
Department Head Recommendation:
Recommend $1 . 45 tax rate
Citv Dtanager Recommendation:
Recommend �1 . 45 tax rate .
As a matter of information, a summary of the prior 10 years tax rates
and levies for the City of Chula Vista is given via Exhibit 2 .
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