TITLE
HOLD a public hearing on the tax rate for the fiscal year October 1, 2015 through September 30, 2016 and setting the date of September 8, 2015 to adopt the tax rate. (1st of 2 Public Hearings)
SUMMARY
AGENDA ITEM
Public Hearing on Tax Rate
ORIGINATING DEPARTMENT
Finance
BACKGROUND INFORMATION
On August 11, 2015, City Council set the preliminary tax rate for the FY 2016 Proposed Annual Budget and Plan of Municipal Services at the current adopted rate of .7498. The effective rate for this year was calculated at .7400. Since the preliminary rate was set above the effective rate, Texas Tax Code requires two public hearings be held prior to the adoption of the final rate.
DISCUSSION/CONCLUSION
August 25, 2015 is the first of two public hearings. The second public hearing will be held at a Special City Council meeting on September 1, 2015. At the September 1, 2015 meeting, City Council will need to vote to set the date of September 8, 2015 as the date to adopt the tax rate.