1. Tax Rate Discussion August 2, 2011

2. District 2011-12 Budget Cuts Due to decreased revenue from the Legislature and the use of one time funds in the prior year, the district needed to decrease the overall budget for the 2011-12 fiscal year by $5.8 Million. (see attached sheet)Due to decreased revenue from the Legislature and the use of one time funds in the prior year, the district needed to decrease the overall budget for the 2011-12 fiscal year by $5.8 Million. (see attached sheet) In addition to making budget cuts, budget adjustments, and using one time funds to make up the deficit, the board made the decision in June to increase its taxes by $1.7 Million.In addition to making budget cuts, budget adjustments, and using one time funds to make up the deficit, the board made the decision in June to increase its taxes by $1.7 Million.

5. Assessed valuation Overall, assessed value in the city increased by $261 Million which is a 1.7% increase from the prior year.Overall, assessed value in the city increased by $261 Million which is a 1.7% increase from the prior year. An increase or decrease in a property owners assessed valuation has an affect on their tax burden.An increase or decrease in a property owners assessed valuation has an affect on their tax burden.

6. Salt Lake City school district proposed tax increase – 1.68% ($1.7 Million) The tax notice that was sent to taxpayers includes a Transportation Levy and an increase for rebates and legal judgements of $1.7 Million or a $5.09 (.58%) tax increase from the prior year on a $250,000 home.The tax notice that was sent to taxpayers includes a Transportation Levy and an increase for rebates and legal judgements of $1.7 Million or a $5.09 (.58%) tax increase from the prior year on a $250,000 home. The increase based on the certified tax rate would be a $14.57 or a 1.68% increase on a $250,000 home.The increase based on the certified tax rate would be a $14.57 or a 1.68% increase on a $250,000 home.

8. Board action In order to balance our budget, the board must take action tonight to approve the tax rate of.006408 which includes an increase to the Transportation Levy rate and an increase for rebates paid to various taxpayers and legal judgements.In order to balance our budget, the board must take action tonight to approve the tax rate of.006408 which includes an increase to the Transportation Levy rate and an increase for rebates paid to various taxpayers and legal judgements.