STRATEGIC PRIORITY: Government Performance and Financial Management
AGENDA DATE: September 23, 2020
COUNCIL DISTRICT(S): All
DEPARTMENT: Office of Budget
EXECUTIVE: Elizabeth Reich
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SUBJECT
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A resolution ratifying the increase in total property tax revenues reflected in the FY 2020-21 budget - Estimated Revenue: $55,813,469 (100 percent collection rate)
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BACKGROUND
The Local Government Code requires the governing body to ratify the property tax revenue increase reflected in the budget. The FY 2020-21 General Fund and Debt Service Fund budget reflects a $55,813,469 increase in current year property tax revenue based on tax rate of $0.7765 per $100 assessed valuation. Of that amount, $27,201,134 in tax revenue will be generated from new property added to the tax roll this year.
PRIOR ACTION/REVIEW (COUNCIL, BOARDS, COMMISSIONS)
City Council was briefed on the City Manager’s Proposed FY 2020-21 Budget on August 11, 2020 which included a proposed tax rate of $0.7766.
City Council recommended amendments to the FY 2020-21 budget and a tax rate of $0.7762 per $100 assessed valuation on September 2, 2020.
City Council recommended amendments to the FY 2020-21 budget and a tax rate of $0.7764 per $100 assessed valuation on September 9, 2020.
On September 9, 2020, City Council authorized a proposal to consider adoption of a tax rate of $ 0.7765 per $100 assessed valuation or a lower tax rate proposed by Resolution No. 20-1340.
FISCAL INFORMATION
Estimated Revenue: $55,813,469 (100 percent collection rate based on a tax rate of $0.7765 per $100 assessed valuation)