Title
Consider and take action on a resolution ratifying the property tax increase in the Fiscal Year 2016-2017 Operating Budget (Assistant City Manager)
Background:
Section 102.007 of the Local Government Code requires a governing body that adopts a budget which raises more revenue from property taxes than in the previous fiscal year to ratify the property tax increase reflected in the budget. A vote under this subsection is in addition to and separate from the vote to adopt the budget or a vote to set the tax rate as required by Chapter 26, Tax Code, or other law.
Financial Implications:
The Fiscal Year 2016-2017 Budget will raise $4,600,000 or 13% more total property taxes than last year’s budget. Of that amount $1,518,000 is tax revenue to be raised from new property added to the tax roll this year.
Attachments:
1. Data Sheet
2. Proposed Resolution
FUNDING
{ X } NOT APPLICABLE
{ } Funds are available from Account #___________________________
{ } Requires Budget Amendment to transfer from Account #____________to Account # ___________________