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Res 14-087
CITY COMMISSION REGULAR MTG
Meeting Date:
09/21/2022
Ratify the Tax Increase in the 2022-2023 Fiscal Year Budget
Submitted For:
Laura Boyd
Submitted By:
Laura Boyd, Finance
Department:
Finance
Information
ACTION REQUEST
Consider and take action, by record vote, on Resolution No. 2022-094, to ratify the tax increase reflected in the 2022-2023 Fiscal Year Budget.
Ratify the tax increase reflected in the 2022 - 2023 Fiscal Year Budget that will raise more revenue from property taxes than last year's budget by $3,342,829 or 11.57 percent, and of that amount $674,582 is tax revenue to be raised from new property added to the tax roll this year.
BACKGROUND (Brief Summary)
At the August 17, 2022, City Commission meeting, after the tax rate public hearing, Commission unanimously adopted the tax rate of $0.49 per $100 property valuation. As a result, more tax revenues will be raised in fiscal year 2022-2023 than in fiscal year 2021-2022. Texas Local Government Code Section 102.007(c) requires that adoption of a budget that will require raising more revenue from property taxes than in the previous year requires a separate vote be taken of the governing body ratifying the property tax increase reflected in the budget, 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.
RECOMMENDATION
Recommend approval.
Ratify the tax increase reflected in the 2022 - 2023 Fiscal Year Budget that will raise more revenue from property taxes than last year's budget by $3,342,829 or 11.57 percent, and of that amount $674,582 is tax revenue to be raised from new property added to the tax roll this year.
Fiscal Impact
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Resolution
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