AGENDA CAPTION:
Title
Consider approval, by motion, of the ratification of the property tax revenue increase reflected in the proposed budget for the fiscal year October 1, 2022 through September 30, 2023.
Body
Meeting date: 9/20/2022
Department: Finance, Jon Locke, Finance Director
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Fiscal Note:
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Background Information:
Per Texas Local Government Code ?102.007(c), adoption of a budget that will raise more revenue from property taxes than in the previous year requires a separate vote of the governing body to ratify the property tax increase reflected in the budget. The vote on this motion should be considered after approval of the budget ordinance on second reading and before the approval of the tax rate ordinance on second reading.
The proposed tax rate is 60.30 cents per $100 valuation. The FY 2023 Budget will raise more revenue from property taxes than last year's budget by an amount of $6,179,995. Of that amount, $2,347,106 represents property tax revenue to be raised from new property added to the tax roll. Ratifying the property tax revenue increase in the budget is r...
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