CC MEETING: September 20, 2016
DATE: September 8, 2016
TO: Leonard Martin, City Manager
FROM: Bob Scott, Assistant City Manager
Title
Consider A Resolution Ratifying The Property Tax Increase Reflected In The Fiscal Year 2016-2017 Operating Budget.
Body
BACKGROUND:
Section 102.007 of the Local Government Code requires a governing body that adopts a budget which raises more revenue from property taxes than in the previous year to ratify the property tax increase reflected in the budget. A vote under this subsection is 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.
FINANCIAL IMPLICATIONS:
The Fiscal Year 2016-2017 Budget will raise more total property taxes than last year’s budget by $4,921,403, a 7.2% increase, and of that amount $1,614,100 is tax revenue to be raised from new property added to the tax roll this year.
STAFF RECOMMENDATION/ACTION DESIRED:
City Council is requested to pass a Resolution ratifying the property tax increase.