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File #: ID#20-503    Version: 1 Name:
Type: Action Item Status: Individual Consideration
File created: 7/29/2020 In control: City Council
On agenda: 9/15/2020 Final action:
Title: Consider approval, by motion, of the ratification of the tax rate reflected in the proposed budget of 59.30 cents per $100 valuation, which will raise more revenue from property taxes than in the previous fiscal year.
AGENDA CAPTION:
Title
Consider approval, by motion, of the ratification of the tax rate reflected in the proposed budget of 59.30 cents per $100 valuation, which will raise more revenue from property taxes than in the previous fiscal year.

Body
Meeting date: 9/15/2020

Department: Melissa Neel, Assistant Director of Finance

Amount & Source of Funding
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Fiscal Note:
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Background Information:
Per the Texas Local Government Code, one of the required steps in the budget approval process is a vote to ratify the tax rate reflected in the proposed budget if it exceeds the effective tax rate. 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 59.30 cents per $100 valuation which is more than the no new revenue tax rate of 56.50 cents per $100 valuation. The no new revenue tax rate is the rate that will produce effectively the same amount of revenue as fiscal year FY20 based on the new appraised values of the same properties.
Council Committee, Board/Commission Actio...

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