STRATEGIC PRIORITY: Government Performance & Financial Management
AGENDA DATE: September 28, 2022
COUNCIL DISTRICT(S): N/A
DEPARTMENT: Budget and Management Services
EXECUTIVE: Jack Ireland
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SUBJECT
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A resolution ratifying the increase in total property tax revenues reflected in the FY 2022-23 budget - Estimated Revenue: $132,345,693 (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 2022-23 General Fund and Debt Service Fund budget reflects a $132,345,693 increase in current year property tax revenue based on tax rate of $0.7458 per $100 assessed valuation. Of that amount, $24,861,667 in tax revenue will be generated from new property added to the tax roll this year. This action reflects a comparison of the 2021 certified value to the 2022 certified value.
The actual amount of property tax revenues forecast, and budgeted (based on 2022 certified value) are reflected in the table below.
FY 2021-22 FY 2021-22 FY 2022-23
Ad Valorem Tax* Adopted Forecast Budget
Property Taxes - Current Tax $1,197,504,046 $1,198,734,409 $1,326,916,366
Prior Year, Penalty & Interest,
Refunds, and Special Inventory Tax 259,496 1,222,824 259,496
Total $1,197,763,542 $1,199,956,232 $1,327,175,862
*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 ...
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