STRATEGIC PRIORITY: Fiscally Sound
AGENDA DATE: September 17, 2025
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 2025-26 budget - Estimated Revenue: $68,366,675 (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 2025-26 General Fund and Debt Service Fund budget reflects a $68,366,675 increase in current year property tax revenue based on tax rate of $0.6997 per $100 assessed valuation. Of that amount, $4,025,891,696 in tax revenue will be generated from new property added to the tax roll this year. This action reflects a comparison of the 2024 certified value to the 2025 certified value.
The actual amount of property tax revenues forecast and budgeted (FY 2025-26 based on 2025 certified value) are reflected in the table below.
Ad Valorem Tax*
FY 2024-25 Adopted
FY 2024-25 Forecast
FY 2025-26 Budget
Current Year
$1,491,585,311
$1,472,082,604
$1,618,189,024
Prior Year
($9,593,994)
($5,273,080)
($5,273,080)
Special Inventory Tax
$973,658
$431,727
$625,009
Penalty & Interest
$9,507,997
$10,293,279
$10,089,626
Refunds
$48,478
$126,707
$42,236
Total
$1,492,521,450
$1,477,661,237
$1,623,672,813
*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 required stateme...
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