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1998 Budget Memo <br />October 27, 1997 <br />Page 3 <br /> <br />o <br /> <br />PROPOSED 1998 BUDGET (Continued) <br />B. Taxes <br /> <br />Review Current Tax Rate Status, Recent Changes at the <br />City Level, and the 1997 Increase in the School Rate due <br />to the Bond Levy <br /> <br />ii. <br /> <br />Review the Increase in the City Net Tax Capacity (NTC) <br />for 1998 and how this Impacts the City Tax Rate and <br />Taxpayers <br />a. Legislative action on class changes <br />b. County changes in individuals property value <br /> <br />iii. <br /> <br />City tax rate change if.' <br />a. No budget changes...then the city rate goes up 1.93 <br /> from 24.683 to 26.613 which is an increase of 7.82 <br /> percent <br />b. $119,700 is cut in tax revenue.., the tax rate would <br /> increase by .965 from 24.683 to 25.648 which is a <br /> 3.91 percent increase <br />c. $149,650 is cut in tax revenue...a .74 tax rate <br /> increase from 24.683 to 25.423 which is a 3 percent <br /> increase <br />d. $179,550 is cut in tax revenue...a .4825 tax rate <br /> increase from 24.683 to 25.165 which is a 1.95 <br /> percent tax rate increase <br />e. $239,400 is cut in tax revenue...this will show a no <br /> tax rate change from its current level of <br /> 24.683...the Mayor supports this position and will <br /> present his proposal on how to achieve this goal. <br /> <br /> <br />