| | | | | | | |  | CITY OF PLANO
COUNCIL AGENDA ITEM |
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| | | | | | | | Council Meeting Date: 9/10/2018
Department: Budget
Department Head: Karen Rhodes-Whitley
Agenda Coordinator: Jennifer Morvant |
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CAPTION
Ordinance No. 2018-9-12: To ratify the property tax revenue in the 2018-19 Budget as a result of the City receiving more revenues from property taxes in the 2018-19 Budget than in the previous fiscal year; and providing an effective date. (Public Hearings held on August 27, 2018 and September 5, 2018.) Adopted |
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FINANCIAL SUMMARY Not Applicable
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| FISCAL YEAR: 2018-19 |
Prior Year
(CIP Only) |
Current
Year
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Future
Years
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TOTALS |
| Budget |
0 |
0 |
0 |
0 |
| Encumbered/Expended Amount |
0 |
0 |
0 |
0 |
| This Item |
0 |
0 |
0 |
0 |
| Balance |
0 |
0 |
0 |
0 |
FUND(S): N/A
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COMMENTS: This item has no fiscal impact. |
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SUMMARY OF ITEM
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 2018-19 Budget by adding the following statement:
THIS BUDGET WILL RAISE MORE TOTAL PROPERTY TAXES THAN LAST YEAR'S BUDGET BY $13,586,209 OR 7.42% AND OF THAT AMOUNT $6,910,802 IS TAX REVENUE TO BE RAISED FROM NEW PROPERTY ADDED TO THE TAX ROLL THIS YEAR.
Strategic Plan Goal:
Financially Strong City with Service Excellence
Plano Tomorrow Plan Pillar:
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