STRATEGIC PRIORITY: Government Performance & Financial Management
AGENDA DATE: September 18, 2024
COUNCIL DISTRICT(S): Insert Council District(s)
DEPARTMENT: Budget and Management Services
EXECUTIVE: Jack Ireland
______________________________________________________________________
SUBJECT
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A resolution ratifying the increase in total property tax revenues reflected in the FY 2024-25 budget - Estimated Revenue: $57,459,121 (100 percent collection rate)
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BACKGROUND
The Local Government Code Section 102.007 requires the governing body to ratify the property tax revenue increase reflected in the budget. The FY 2024-25 General Fund and Debt Service Fund budget reflects a $57,459,121 increase in current year property tax revenue based on tax rate of $0.7047 per $100 assessed valuation. Of that amount, $35,687,522 in tax revenue will be generated from new property added to the tax roll this year. This action reflects a comparison of the 2023 certified value to the 2024 certified value.
The actual amount of property tax revenues forecast and budgeted (based on 2024 certified value) are reflected in the table below.
Ad Valorem Tax*
FY 2023-24 Adopted
FY 2023-24 Forecast
FY 2024-25 Budget
Current Year
$1,436,807,454
$1,419,498,295
$1,491,585,311
Prior Year
$3,642,840
($9,593,994)
($9,593,994)
Special Inventory Tax
$777,546
$777,546
$973,658
Penalty & Interest
$7,997,370
$10,340,709
$9,507,997
Refunds
$36,368
$36,368
$48,478
Total
$1,449,261,578
$1,421,058,924
$1,492,521,450
*Amounts above reflect total with collection rates
This year's property tax levy will raise more revenue from property taxes than in the preceding year. The City must hold a separate vote to ratify the property tax increase reflected in the budget, and after adoption the adopted budget must contain a cover page stating the record vote of each member of the governing body by name, the property tax rates for the current and preceding fiscal year, the total amount...
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