Title
Discuss and consider action to approve a resolution ratifying the property tax increase reflected in the City's FY25 operating budget.
Summary
Pursuant to Section 102.007(c) of the Texas Local Government Code, a municipality is 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.
At the Council proposed rate of $0.5428, the FY25 budget will raise more property tax revenue than last year’s budget by $3,435,446 (5.92%) and of that amount $2,466,473 is tax revenue to be raised from new property added to the tax roll this year.
Prior City Council Action
August 13, 2024, the City Council adopted a resolution specifying a maximum property tax rate for FY23 of $0.5428/$100 valuation.
Public hearing held September 24, 2024.
Deadline for City Council Action
This additional action is required to complete the property tax rate approval.
Funding Expected: Revenue __ Expenditure __ N/A _X_
Budgeted Item: Yes __ No __ N/A _X_
Amount: _N/A_
1295 Form Required? Yes __ No _X_
Legal Review Required: N/A _X_ Required __ Date Completed:
Supporting documents attached:
Resolution Ratifying Tax Rate
Recommended Action
Staff recommends approval of a resolution ratifying the property tax increase reflected in the City's FY25 operating budget.