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AI# 12831  Regular City Council Meeting 6.4. 09/10/2024:

Information

Agenda Item

Resolution - Finance: Consider a resolution ratifying the adoption of the FY 2024-25 Budget that will require raising more revenue from property taxes than in 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 2024-25 Operating Budget and Capital Program raises more total property taxes than last year's budget by $5.88 million or 5.06 percent, and of that amount, $3,298,460 is tax revenue to be raised from new property added to the tax roll this year.

Staff/Board Recommending

Cheryl Brock, Interim Chief Financial Officer

Attachments Ratification Resolution

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