Title
Consider approving Resolution No. 2014-076 ratifying the property tax revenue increase reflected in the 2014-15 fiscal year budget and take appropriate action.
Body
BACKGROUND:
Texas Local Government Code Section 102.007(c) requires that adoption of a budget that raises more property tax revenue than was generated the previous year requires a vote of the City Council to ratify the property tax increase reflected in the budget in addition to and separate from the votes to approve the ordinance adopting the annual budget and the ordinance adopting the tax rate for the current tax year.
DISCUSSION:
Ordinance No. 3307, approved just prior to this item, adopted the 2014-15 fiscal year budget and requires the City to raise more revenue from property taxes than in the 2013-14 fiscal year. The adopted budget will raise more revenue from property taxes than last year's budget by an amount of $4,469,100, which is a 21.01% increase from last year's budget. The property tax revenue to be raised from new property added to the tax roll this year is $309,187. The planned property tax revenue increase is due primarily to increased valuations of property within the City, debt service associated with the funding of a joint public safety dispatch facility, and voter authorized street improvement bonds.
Public hearings concerning the proposed tax rate were held on August 19, 2014 and September 2, 2014 and all applicable laws and City Charter provisions necessary for adoption of the budget have been followed.
RECOMMENDATION:
City Administration recommends approving Resolution No. 2014-076 ratifying the property tax revenue increase reflected in the 2014-15 budget.
ACTIONS:
1) Motion to approve Resolution No. 2014-076 ratifying the property tax revenue increase reflected in the 2014-15 fiscal year budget.
2) Motion to deny adopting Resolution No. 2014-076 ratifying the property tax revenue increase reflected in the 2014-15 fiscal year budget.
3) Motion to modify Resolution No. 2014-076 to meet the needs of the Council.
4) Motion to table the issue for further study or take no action.
ATTACHMENTS:
1. Resolution No. 2014-076