HomeMy WebLinkAboutAgenda Statement 1987/08/25 Item 14COUNCIL AGENDA STATEMENT
Item 14
TITLE:
SUBMITTED BY
REVIEWED BY:
Ordinance ~,,~~
Meeting Date
Setting Tax Rate for the Fiscal Year 1987-88
First Reading and Adoption
Director of Finance o`~(6
City Manager
(4/5ths Vote: Yes No x )
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 1986-87 tax rate was $.00333 per hundred dollars of full value.
For 1987-88, the necessary rate is $.00282 per hundred dollars of full value.
The City's total secured value for 1987-88 is $3,216,534,076 which is an increase
2% over 1986-87.
AL IMPACT: The 1987-88 tax rate will generate $90,706 in property taxes. This
is the amount necessary for debt service on the Police Facility Bonds.
9~
by the City Co+.mcil of
Chula Vis a, California
Dated ~ - ~_
•
8/25/87
Form A-113 (Rev. 11/79)