Title
Discuss and consider action to approve a resolution ratifying the property tax increase reflected in the City's FY24 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 $0.5362, the FY24 budget will raise less property tax revenue than last year’s budget by $1,653,107 (7.6%) and of that amount $842,816 is tax revenue to be raised from new property added to the tax roll this year.
Prior City Council Action
August 08, 2023, City Council adopted a resolution specifying a maximum property tax rate for FY23 of $0.5362/$100 valuation.
Public hearing held August 22, 2023.
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 __ Required _X_ Date Completed: September 6, 2023
Supporting documents attached:
Resolution
Recommended Action
Approve a resolution ratifying the property tax increase reflected in the City's FY24 operating budget.