HomeMy WebLinkAboutAgenda Statement 1988/08/23 Item 12
COUNCIL AGENDA STATEMENT
Item 12
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ITEM TITLE:
Meeting Date
Ordinance ::<;z..g--/
8/23/88
Setting Tax Rate for the Fiscal Year 1988-89
First Reading and Adoption
SUBMITTED BY:
REVIEWED BY:
Director of Finance~)?
Ci ty Manager 86- G;jf/i
(4/5ths Vote: Yes___ No~)
Since the passage of Proposition 13, the City Council is required annually
to set the necessary tax rate for voter approved debt service.
RECOMMENDATION: Adopt ordinance.
BOARDS/COMMISSIONS RECOMMENDATION: Not Applicable.
DISCUSSION:
Proposition 13 does not affect voter approved debt service and consequently
the City Council is required to set the necessary tax rate on or before
September 1st each year. The 1987-88 tax rate was $.00282 per hundred
dollars of full value. For 1988-89, the necessary rate is $.00244 per
hundred dollars of full value. This means that a home with an assessed
.value of $100,000 will pay $2.44 in 1988-89.
FISCAL IMPACT:
The 1988-89 tax rate will generate $82,138 in property taxes. This is the
amount necessary for debt service on the Police Facility Bonds. The Bonds
will be fully paid off in FY 1989-90.
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the City rJlJnc:il of
Vista, California
orm A-113 (Rev. 11/79)
Dated