Agenda

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Item # 5.b.

City Council

Meeting Date:	09/12/2023
Department:	Finance
Pillars:	Gold Standard in Financial Health
Milestones:	Continuously improve processes and policies to include the voice of the customer and ensure the policies are easily accessible

AGENDA CAPTION:

Present, discuss, and consider action on the Fiscal Year 2023-24 Property Tax Revenue Ratification Ordinance.

BACKGROUND:

As required by Local Government Code 102.007, adoption of a Budget that raises more property tax revenue than was generated the previous year requires three votes by the City Council (a) one vote to adopt the Budget, and (b) one vote to adopt the tax rate, and (c) a separate vote to "ratify" the property tax revenue increase reflected in the Budget.

This Ordinance ratifies the property tax revenue increase as reflected in the Fiscal Year 2023-24 Budget by adding the following statement:

THIS BUDGET WILL RAISE MORE TOTAL PROPERTY TAXES THAN LAST YEAR’S BUDGET BY $3,530,541 OR 10.37%, AND OF THAT AMOUNT $706,197 IS TAX REVENUE TO BE RAISED FROM NEW PROPERTY ADDED TO THE TAX ROLL THIS YEAR.

RECOMMENDATION:

Administration recommends approval.

Attachments
Ordinance - Property Tax Ratification