City Council Meeting


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  G.2.       
Meeting Date: 09/18/2018  
Contact: Tracy Cormier, Managing Director of Financial Services

COUNCIL ACTION
Motion by Councilmember Moore with a second by Councilmember Quarles to approve as presented. Motion passes 6-0.
AGENDA ITEM:
Consider and take a separate vote to ratify a property tax revenue increase as reflected in the FY 2018-2019 Annual Operating Budget when compared to the FY 2017-2018 Annual Operating Budget; this budget will raise more total property taxes than last year’s budget by $2,020,130, which is an 7.11% increase from last year’s budget and, of that amount, $894,668 is tax revenue to be raised from new property added to the tax roll this year.
BACKGROUND:
Under Section 102.007 of the Local Government Code, after approval of the budget and  before Tax Rate Ordinance, City Council  will need to take a separate vote to ratify a property tax revenue increase of $2,020,130 as reflected in the FY 2018-2019 Annual Budget when compared to the FY 2017-1018 Annual Operating Budget, provided this year’s budget raises more total property taxes than last year’s budget.
FINDINGS:
N/A
FINANCIAL IMPACT:

This budget will raise more total property taxes than last year’s budget by $2,020,130  which is an 7.11% increase from last year’s budget and, of that amount, $894,668 is tax revenue to be raised from new property added to the tax roll this year.
RECOMMENDATION:
Staff reccommned City Council  take a separate vote to ratify a property tax revenue increase as reflected in the FY 2018-2019 Annual Operating Budget when compared to the FY 2017-2018 Annual Operating Budget; this budget will raise more total property taxes than last year’s budget by $2,020,130  which is an 7.11% increase from last year’s budget and, of that amount, $894,668 is tax revenue to be raised from new property added to the tax roll this year. 
MANAGEMENT REVIEW

    

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