Title
Approving a resolution ratifying the property tax increase reflected in the City's fiscal year 2014 operating budget.
Summary
Pursuant to Section 102.007(c) of the Texas Local Government Code, the municipality is now required to take a separate vote to ratify the property tax when the adoption of the budget will raise more property tax revenue than in the previous year. For the tenth year in a row, the proposed tax rate has been lowered from the previous year's tax rate; from $0.5940 to $0.5736. However, the 2014 proposed budget will raise more property tax revenue than last year's budget by $277,005 (1.6%), and of that amount $373,682 is tax revenue to be raised from new property added to the tax roll this year.
Deadline for City Council Action
The Fiscal Year 2014 Budget and corresponding tax rate must be approved by September 30, 2013.
Fiscal Impact
The fiscal impact is outlined in the proposed budget document.
Staff Recommendation
Ratify the tax rate by approval of this item.
Drafter
Lauri Gillam
Assistant City Manager