CC MEETING: September 10, 2024
DATE: September 4, 2024
TO: Erin Rinehart, City Manager
FROM: Melissa Everett, Finance Director
Diana Vaughn, Chief Financial Officer
Chrystal Davis, Assistant City Manager
Title
Consider A Resolution Ratifying The Property Tax Increase Reflected In The Fiscal Year 2024 - 2025 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 2024-2025 Budget will raise more total property taxes than last year’s budget by $4,965,183, a 4.16% increase, and of that amount $1,297,409 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.
Attachments:
Resolution