Title
Discuss and consider action to approve a Resolution Ratifying the Property Tax Increase Reflected in the City's Fiscal Year 2021 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 $0.4863, the FY21 budget will raise more property tax revenue than last year’s budget by $1,429,631 (4.6%) and of that amount $1,328,742 is tax revenue to be raised from annexations and new property added to the tax roll this year.
Prior City Council Action
The City Council approved a proposed maximum property tax rate of $0.4863/$100 property valuation on August 11, 2020.
A public hearing and adoption of the tax levy ordinance were held earlier in this meeting.
Deadline for City Council Action:
This additional action is required to complete the property tax rate approval.
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: _08/14/2020_
Supporting documents attached
Resolution
Recommended Action
Ratify the tax rate by approval of this item.