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Consider adopting Ordinance No. 3307 approving and adopting the Operating and Capital Improvement Program Budget for the 2014-15 fiscal year and take appropriate action.
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BACKGROUND:
On July 30, 2014, the proposed 2014-15 fiscal year operating and capital budget was delivered to the City Council and copies were delivered to the Farmers Branch Manske Library, Farmers Branch Police Department, Farmers Branch Recreation Center, and Farmers Branch Senior Center. A copy of the budget was also placed on the City's Website for review. The proposed budget was discussed with City Council during a public budget work session held August 19, 2014 and citizen comments were requested at a public hearing held earlier this evening.
The proposed 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, and of this amount $309,187 is tax revenue to be raised from new property added to the tax roll this year. The planned tax revenue increase is due primarily to increased valuations of property within the City, a tax increase of $0.051 (per $100 valuation) for debt service associated with the funding of a joint public safety dispatch facility, and voter authorized street improvement bonds.
Additionally, in response to strong citizen and City Council support for neighborhood revitalization, the strategic plan proposes consideration of an additional $0.02 property tax rate increase to provide dedicated ongoing funding for neighborhood revitalization projects as suggested in the City's Central Area Plan. The property tax rate reflected in the proposed budget is therefore proposed to increase from $0.5531 to $0.6241 as discussed during the City Council strategic planning session in January 2014.
DISCUSSION:
Ordinance No. 3307 establishes the operating and capital improvement program budget for the 2014-15 fiscal year. Resolution No. 2014-076, which follows adoption of the budget, ratifies...
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