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Brentwood City Commission Agenda

Meeting Date:	06/22/2020
Ordinance 2020-04 - An Ordinance to Adopt the Property Tax Rate for Fiscal Year 2020-2021
Submitted by:	Karen Harper, Finance
Department:	Finance

Information

Subject

Ordinance 2020-04 - An Ordinance to Adopt the Property Tax Rate for the Fiscal Year Beginning July 1, 2020 and Ending June 30, 2021.

Background

The accompanying ordinance provides for the adoption on second and final reading of the tax rate to fund the FY 2020-2021 proposed General Fund budget. The proposed tax rate is $0.36 per $100 of assessed value of taxable property. This levy represents the same effective property tax rate for the City of Brentwood for the 30th year in a row.

Formal public hearings regarding the proposed tax rate were previously held on May 26, 2020 and June 8, 2020. A final public hearing is scheduled before final reading at the June 22, 2020 City Commission meeting.

Please contact the Finance Director if you have any questions.

Staff Recommendation

The staff recommends approval of Ordinance 2020-04 on second and final reading.

Previous Commission Action

Section 6-22-107(b) of the City Charter requires the Board of Commissioners to establish annually a tax levy sufficient to fund the approved appropriations for the General Fund budget in the new fiscal year.

Ordinance 2020-04 was approved on first reading (7-0) at the May 26, 2020 meeting.

Fiscal Impact

Amount :	12,310,000
Source of Funds:	General Fund
Account Number:	110-31100/31120

Fiscal Impact:

The $.36 tax rate is expected to generate $12.31 million in revenue in FY 2020-2021 or about 30.2% of the total projected General Fund revenue.

Attachments
Ordinance 2020-04
Signed Ordinance