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AI# 11859
Regular City Council Meeting
6.4.
09/12/2023:
Information
Agenda Item
Resolution - Finance:
Consider a resolution ratifying the adoption of the FY 2023-24 Budget that raises more tax revenue than was generated the previous year.
Item Summary
Chapter 102 of the Texas Local Government Code brings into the budget process truth-in-taxation disclosure concepts. Any budget to be enacted after September 1, 2007, that raises more property tax revenue than the previous year requires two votes by the City Council:
1. One vote to adopt the budget; and
2. A separate vote to ratify the property tax revenue increase reflected in the budget.
This resolution addresses #2 as required by Chapter 102 of the Texas Local Government Code.
Fiscal Impact
The FY 2023-24 Operating Budget and Capital Program raises more total property taxes than last year's budget by $11.8 million or 11.33 percent, and of that amount, $3,821,120 is tax revenue to be raised from new property added to the tax roll this year.
Staff/Board Recommending
D. Blu Kostelich, Chief Financial Officer
Attachments
Ratification Resolution
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