Agenda - View Meetings (All)

Back to Calendar Return

Res 14-087

CITY COMMISSION REGULAR MTG

Meeting Date:

09/20/2023

Ratify the Tax Increase in the 2023-2024 Fiscal Year Budget

Submitted For:

Laura Boyd

Submitted By:

Laura Boyd, Finance

Department:

Finance

Information

ACTION REQUEST

Consider and take action, by record vote, on Resolution No. 2023-109, to ratify the tax increase reflected in the 2023-2024 Fiscal Year Budget.

Ratify the tax increase reflected in the 2023 - 2024 Fiscal Year Budget that will raise more total property taxes than last year's budget by $2,353,755, or 7.30 percent, and of that amount $803,884 is tax revenue to be raised from new property added to the tax roll this year.

BACKGROUND (Brief Summary)

At the August 16, 2023, City Commission meeting, after the tax rate public hearing, Commission unanimously adopted the tax rate of $0.49 per $100 property valuation. As a result, more tax revenues will be raised in fiscal year 2023-2024 than in fiscal year 2022-2023. Texas Local Government Code Section 102.007(c) requires that adoption of a budget that will require raising more revenue from property taxes than in the previous year requires a separate vote be taken of the governing body ratifying the property tax increase reflected in the budget, in addition to and separate from the vote to adopt the budget or a vote to set the tax rate required by Chapter 26, Tax Code, or other law.

RECOMMENDATION

Recommend approval.

Ratify the tax increase reflected in the 2023 - 2024 Fiscal Year Budget that will raise more total property taxes than last year's budget by $2,353,755, or 7.30 percent, and of that amount $803,884 is tax revenue to be raised from new property added to the tax roll this year.

Fiscal Impact

Attachments

Resolution