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CITY COUNCIL AGENDA MEMO |
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| | | | | | | | | MEETING DATE: | 9/11/2023 | | DEPARTMENT: | Budget | | DIRECTOR: | Karen Rhodes-Whitley, Director of Budget and Research | | AGENDA ITEM: | FY 2023-24 Property Tax Revenue Ratification Ordinance | | RECOMMENDED ACTION: | Items for Individual Consideration |
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| | | | | | | | ITEM SUMMARY Consideration of an Ordinance to ratify the property tax revenue in the 2023-24 Budget as a result of the City receiving more revenues from property taxes in the 2023-24 Budget than in the previous fiscal year; and providing an effective date. (The first Public Hearing was held on August 28, 2023. The second Public Hearing is being held on September 11, 2023, prior to the adoption of this Ordinance.) Adopted Ordinance No. 2023-9-6 |
| | | | | | | | 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 2023-24 Budget by adding the following statement:
THIS BUDGET WILL RAISE MORE TOTAL PROPERTY TAXES THAN LAST YEAR'S BUDGET BY $19,615,872 OR 9.44% AND OF THAT AMOUNT $3,078,692 IS TAX REVENUE TO BE RAISED FROM NEW PROPERTY ADDED TO THE TAX ROLL THIS YEAR.
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| | | | | | | | FINANCIAL SUMMARY/STRATEGIC GOALS This item has no financial impact.
Adoption of this Ordinance relates to the City's Strategic Plan Critical Success Factor of Excellent, Innovative, and Accountable City Government.
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