STRATEGIC PRIORITY: Government Performance & Financial Management
AGENDA DATE: September 20, 2023
COUNCIL DISTRICT(S): N/A
DEPARTMENT: Budget and Management Services
EXECUTIVE: Jack Ireland
______________________________________________________________________
SUBJECT
title
A resolution ratifying the increase in total property tax revenues reflected in the FY 2023-24 budget - Estimated Revenue: $120,472,041 (100 percent collection rate)
body
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 2023-24 General Fund and Debt Service Fund budget reflects a $120,472,041 increase in current year property tax revenue based on tax rate of $0.7357 per $100 assessed valuation. Of that amount, $27,588,503 in tax revenue will be generated from new property added to the tax roll this year. This action reflects a comparison of the 2022 certified value to the 2023 certified value.
The actual amount of property tax revenues forecast, and budgeted (based on 2023 certified value) are reflected in the table below.
FY 2022-23 FY 2022-23 FY 2023-24
Ad Valorem Tax* Adopted Forecast Budget
Current Year $1,316,135,170 $1,316,135,170 $1,436,807,454
Prior Year $2,947,758 $0 $3,642,840
Special Inventory Tax $237,981 $992,445 $777,546
Penalty & Interest $7,831,415 $7,274,552 $7,997,369
Refunds $21,515 $21,515 $36,368
Total $ 1,327,173,839 $ 1,324,423,681 $ 1,449,261,577
*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 of debt obligations, and a re...
Click here for full text