Agenda No. 11.
CITY COUNCIL MEMORANDUM
| City Council Meeting: | September 10, 2019 |
| Department: | Finance |
| Subject: | Resolution No. 19-R-123 – Consideration and/or action approving a resolution ratifying the property tax increase reflected in the Adopted Budget for FY 2019-20. (M. Browne/J. Walters) |
BACKGROUND
In accordance with the Local Government Code Section 102.007(c) with the adoption of a budget that will require raising more revenue from property taxes than in the previous year, a separate vote must be taken to ratify the property tax increase reflected in the budget.
This vote must be separate from the vote to approve the budget or adopt the tax rate.
This vote must be separate from the vote to approve the budget or adopt the tax rate.
GOAL
To be in compliance with state regulations and to ratify the property tax increase reflected in the Adopted Budget for FY 2019-20
COMMUNITY BENEFIT
N/A
SUMMARY OF RECOMMENDED ACTION
Staff recommends City Council ratify the property tax increase as voted on and approved with the adoption of the FY 2019-20 Budget.
FISCAL IMPACT
The City Council hereby ratifies the FY 2019-20 Budget will raise more property taxes than last year’s budget by $982,470 or a 5% increase, and of that amount, $659,141 is tax revenue to be raised from new property added to the tax roll this year.
RECOMMENDATION
Staff recommends City Council ratify the property tax increase as voted on and approved with the adoption of the FY 2019-20 Budget.