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City explains corrected certified tax rate and estimates FY26 shortfall of about $762,286
Summary
Finance staff said an earlier error set the certified tax rate incorrectly; the corrected certified tax rate of $1.1306 per $100 of assessed value restores the rate intended to produce budgeted property tax revenue and leaves an estimated FY26 shortfall of about $762,286 to be managed through fund balance and internal budget adjustments.
Finance staff presented a corrected certified tax rate ordinance (Ordinance No. 25‑12‑95) after discovering the originally certified rate was set in error at 0.8968. The corrected certified tax rate is $1.1306 per $100 of assessed value — the rate staff say was intended to produce the budgeted property tax revenue of $5,512,500 for FY26.
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