STRATEGIC PRIORITY: Government Performance and Financial Management
AGENDA DATE: September 22, 2021
COUNCIL DISTRICT(S): All
DEPARTMENT: Budget and Management Services
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SUBJECT
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A resolution ratifying the increase in total property tax revenues reflected in the FY 2021-22 budget - Estimated Revenue: $48,121,203 (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 2021-22 General Fund and Debt Service Fund budget reflects a $48,121,203 increase in current year property tax revenue based on tax rate of $0.7733 per $100 assessed valuation. Of that amount, $24,913,658 in tax revenue will be generated from new property added to the tax roll this year.
The actual amount of property tax revenues forecast, and budgeted (based on 2020 supplemental value) are reflected in the table below, and this action reflects a comparison of the 2020 supplemental value to the 2021 certified value.
FY 2020-21 FY 2020-21 FY 2021-22
Ad Valorem Tax* Adopted Forecast Budget
Property Taxes - Current Tax $1,116,769,061 $1,138,967,081 $1,187,902,573
Prior Year, Penalty & Interest,
Refunds, and Special Inventory Tax $ 9,266,153 $ 9,508,550 $ 9,860,969
Total $1,126,035,214 $1,148,475,631 $1,197,763,542
*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 statement that " this budget will raise more rev...
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