Agenda No. 21.
CITY COUNCIL MEMORANDUM
| City Council Meeting: | September 3, 2024 |
| Department: | Finance |
| Subject: | Resolution 24-R-116 - Ratifying the property tax increase reflected in the Adopted Budget for FY 2024-25. (S.Gonzalez/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 2024-25.
COMMUNITY BENEFIT
To comply with state regulations.
SUMMARY OF RECOMMENDED ACTION
Staff recommends City Council ratify the property tax increase as voted on and approved with the adoption of the FY 2024-25 Budget.
FISCAL IMPACT
The City Council ratifying the budget will raise more total property taxes than last year's budget by $1,345,617 or 5.1% increase, and of that amount, $339,457 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 2024-25 Budget.