AGENDA CAPTION:
Title
Consider approval of Resolution 2024-187R, ratifying the property tax revenue increase in the budget for the fiscal year beginning October 1, 2024 through September 30, 2025; and declaring an effective date.
Body
Meeting date: September 17, 2024
Department: Finance
Amount & Source of Funding
Funds Required: N/A
Account Number: N/A
Funds Available: N/A
Account Name: N/A
Fiscal Note:
Prior Council Action: On March 19,2024, City Council passed Resolution 2024-43R, approving the fiscal year 2025 Budget Policy Statement. The Budget Policy Statement provided guidance for the property tax rate to be kept the same as the fiscal year 2024 adopted tax rate. On August 20, 2024, City Council passed Resolution 2024-161R, setting the maximum proposed tax rate at 60.30 cents.
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Public Safety, Core Services & Fiscal Excellence
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Background Information:
Texas Local Government Code ?102.007(c), states that the 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 valu...
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