HomeMy WebLinkAboutAgenda Statement 1974 /08/20 Item 12 Item No. 12
August 20, 1974
� � AGENDA ITEM N0. [i'1�,�
CHULA VISTA CITY COUNCIL MEETING OF: AUgUSt 20, 1974 -
Ordinance -
ITED1 TITLE: $2tt1�g tdX rate for the fiscal year 1974-75 -
First readin9 and adoption.
INITIATED BY: City Manager/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 forwarded to the County Auditor:
The proJided ordinance serves that purpose and in summary calls for a
total tax rate of $1 .35 per $100 assessed valuation.for fiscal year 1974-75.
ATTACHED: Resolution [ ] Ordinance [x] Agreement [ ] Plat ( ]
See EXHIBITS [x] No. _7J
Financiai Statemenc: Total City property tax revenue is estimated to be
32,694,430 based on a net valuation of $200,853,849 after exemptions and
less 1% for a delinquency factor (198,874,291 ) . Also, 510,000 has been
included in this revenue estimate to cover estimated 1973-74 recovered
delinquencies.
Commission-Board Recommendation:
N/A
Department Head Recommendation:
Recortunend $1'35 tax rate.
City Manager Recommendation:
Ccrcu° —
b�