Title
Discuss and consider action to approve a resolution ratifying the property tax increase reflected in the City's fiscal year 2019 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 $0.4976, the 2019 proposed budget will raise more property tax revenue than last year’s budget by $1,371,683 (5.2%) and of that amount $884,082 is tax revenue to be raised from annexations and new property added to the tax roll this year.
The City Attorney's Office has reviewed this resolution and approved it as to form.
Deadline for City Council Action
This additional action is required to complete the property tax rate approval.
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