Title
Consider/Discuss/Act on an Ordinance to Ratify the Property Tax Revenue Increase in the Fiscal Year 2014-15 Budget as a Result of the City Receiving More Revenues from Property Taxes than the Previous Fiscal Year
Summary
MEETING DATE: September 16, 2014
DEPARTMENT: Financial Services
CONTACT: Rodney Rhoades, Chief Financial Officer
RECOMMENDED CITY COUNCIL ACTION:
· Approve the ordinance.
· Ratify the increased revenue from property taxes by declaring:
Tax Rate of $0.583000:
"THIS BUDGET WILL RAISE MORE TOTAL PROPERTY TAXES THAN LAST YEAR'S BUDGET BY $8,601,923 OR 12.34%, AND OF THAT AMOUNT, $3,239,360 IS TAX REVENUE TO BE RAISED FROM NEW PROPERTY ADDED TO THE TAX ROLL THIS YEAR."
ITEM SUMMARY:
-
- The City's Fiscal Year 2014-15 Budget has an increase in property tax revenues as compared to the previous year.
- As a result of the approval of the Fiscal Year 2014-15 Budget, the City Council must ratify the increased revenue from property taxes.
- BACKGROUND INFORMATION:
- Local Government Code Section 102.007(c) requires that a governing body ratify the property tax increase in the budget if it adopts a budget that will require raising more revenue from property taxes than the previous year. The statute says that the vote under this subsection must be in addition and separate from the vote to adopt the budget or a vote to set the tax rate.
- FINANCIAL SUMMARY:
- Estimated tax revenues of $55,424,359 (99.5% collection rate) for FY 2014-15 are based on this tax rate.