STRATEGIC PRIORITY: Government Performance & Financial Management
AGENDA DATE: August 28, 2024
COUNCIL DISTRICT(S): N/A
DEPARTMENT: Budget and Management Services
EXECUTIVE: Jack Ireland
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SUBJECT
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Authorize (1) a public hearing to be held on Wednesday, September 18, 2024 to receive comments on a proposed tax rate; and (2) a proposal to consider adoption of a $0.7047 per $100 valuation tax rate, or a lower rate as may be proposed by City Council for the 2024-25 fiscal year on Wednesday, September 18, 2024 - Financing: No cost consideration to the City
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BACKGROUND
The City Manager's recommended FY 2024-25 budget as discussed on August 13, 2024 includes a tax rate of $0.7047/$100. The proposed rate reflects a reduction of $0.031/$100 and reduces revenue to the City by $65.6 million.
A public hearing is not required this year since the proposed tax rate is lower than the no-new-revenue tax rate calculated by the Dallas County Tax Office. The notice of the public hearing provides information about the no-new-revenue and voter-approval tax rates reflected below.
Notice of Tax Rates
Proposed tax rate: $0.7047/$100
No-New-Revenue tax rate: $0.708301/$100
Voter-Approval tax rate: $0.704715/$100
To set a tax rate above the FY 2024-25 calculated No-New-Revenue tax rate of $0.708301 per $100 valuation, State law requires the following:
* Specify a proposed tax rate; take a record vote, and schedule a public hearing (August 28, 2024);
* Publish "Notice of 2024 Tax Year Proposed Tax Rate" at least seven days before the public hearing (September 11, 2024);
* Publish the notice in the newspaper and prominently on the City's internet website;
* Hold a public hearing; and the meeting to adopt the tax rate (September 18, 2024).
Since the proposed tax rate is less than the No-New-Revenue tax rate, a record vote, notice in the newspaper, and public hearing are not required. To enhance transpa...
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