Title
Discuss and consider action to approve a Resolution Ratifying the Property Tax Increase Reflected in the City's Fiscal Year 2020 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 $0.5016, the FY20 budget will raise more property tax revenue than last year’s budget by $3,207,853 (11.5%) and of that amount $1,499,617 is tax revenue to be raised from annexations and new property added to the tax roll this year.
At the proposed rate of $0.5045, the FY20 budget will raise more property tax revenue than last year’s budget by $3,387,594 (12.2%) and of that amount $1,508,287 is tax revenue to be raised from annexations and new property added to the tax roll this year.
Deadline for City Council Action:
This additional action is required to complete the property tax rate approval.
Prior City Council Action
On August 27, 2019, the City Council approved a proposed tax rate of $0.5045/$100,000 property value.
Public hearings were held on the property tax rate increase on September 10, 2019 and September 17, 2019.
The City Council directed calculation of adjustments to the budget and preparation of a tax rate needed to fund the resulting budget on September 17, 2019.
Fiscal Impact
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 ___ Required _X_ Date Completed: _8/28/18_
Supporting documents attached
Resolution $0.5045
Resolution $0.5016
Recommended Action
Ratify the tax rate by approval of this item.