Title
Conduct a public hearing on the Proposed Fiscal Year 2024-25 Operating and Capital Improvement Program Budget in accordance with Article IV of the City Charter and take appropriate action.
Body
REQUESTOR:
Finance, Fleet, and Facilities Department
BACKGROUND:
A public hearing is being held to consider the Proposed Fiscal Year 2024-25 Operating and Capital Improvement Program Budget. The proposed budget was filed with the City Secretary on July 31, 2024, and copies were made available for public inspection at City Hall and on the City's website.
The City Council conducted budget discussions on April 16th, May 21st, June 4th, June 18th, June 27th, July 9th, July 16th, August 6th, and August 20th to discuss and provide guidance related to the budget. The budget and tax rate were discussed during a Town Hall meeting held on August 27th, and a discussion was held earlier this evening. The City Council will hold another meeting on September 17, 2024, to discuss the budget, conduct a public hearing on the tax rate, vote to adopt the budget, ratify the property tax revenue increase reflected in the budget, and vote to adopt the tax rate. All meetings will be held beginning at 6:00 p.m. at the City of Farmers Branch, City Hall Council Chambers, located at 13000 William Dodson Parkway, Farmers Branch, Texas 75234.
Subsequent to public budget deliberation meetings, the current proposed budget was based on reducing the current tax rate of $0.569 to $0.5415. However, for Truth in Taxation purposes, the City Council approved a motion to consider a maximum tax rate of $0.604075 to allow flexibility and time to deliberate.
Senate Bill No. 656 requires the budget cover page to have specific wording, font size, and calculations for gross property tax revenue in the budget adoption process. Also, per Senate Bill No. 656, the City must state the following due to passing a motion to consider a maximum tax rate of $0.604075, which is more than the proposed tax rate: "...
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