Title
Approving a resolution ratifying the property tax increase reflected in the City's fiscal year 2016 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 proposed rate of $.5405, the 2016 proposed budget will raise more property tax revenue than last year’s budget by $2,621,473 (14.3%) and of that amount $877,139 is tax revenue to be raised from new property added to the tax roll this year.
Deadline for City Council Action
The Fiscal Year 2016 Budget and corresponding tax rate must be approved by September 29, 2015.
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