Title
Consider a memorandum/resolution ratifying the property tax revenue increase reflected in the Annual Budget for the fiscal year October 1, 2022 through September 30, 2023.
Summary
DATE: September 6, 2022
TO: Kent Cagle, City Manager
FROM: Miranda Drake, Director of Budget
SUBJECT: Ratifying the Property Tax Revenue Increase as Required by the Local Government Code
BACKGROUND AND FINDINGS:
Local Government Code Section 102.007(c) requires the governing body to ratify the property tax revenue increase if the budget will raise more revenue from property taxes than in the previous year. The FY 2023 Annual Budget will raise more revenue from property taxes than last year's budget by an amount of $3,569,392, which is a 6.63 percent increase from last year's budget. The property tax revenue to be raised from new property added to the tax roll this year is $1,032,327.
THE ALTERNATIVES CONSIDERED:
N/A
Which alternative is recommended? Why?
Approve the memorandum/resolution to be in compliance with the requirements set forth in the Local Government Code.
CONFORMITY TO CITY POLICY:
The memorandum/resolution ratifying the tax revenue increase conforms with Local Government Code Section 102.007(c).
FINANCIAL IMPACT:
What is the amount of the expenditure in the current fiscal year? For future years?
N/A
Is this a one-time or recurring expenditure?
N/A
Is this expenditure budgeted?
N/A
If not, where will the money come from?
N/A
Is there a sufficient amount in the budgeted line-item for this expenditure?
N/A
RECOMMENDATION:
City Council ratify the property tax revenue increase reflected in the Annual Budget for the fiscal year October 1, 2022, through September 30, 2023.
DEPARTMENTAL CLEARANCES:
Finance
Legal
ATTACHED SUPPORTING DOCUMENTS:
N/A