Title
HOLD a public hearing on the proposed Fiscal Year 2024 Annual Budget.
Summary
DATE: September 5, 2023
TO: Kent Cagle, City Manager
FROM: Miranda Drake, Assistant Director of Finance
SUBJECT: Hold a Public Hearing on the FY 2024 Proposed Annual Budget and Proposed Rate Changes
BACKGROUND AND FINDINGS:
On July 11, 2023, the FY 2024 Proposed Budget was delivered to City Council. On July 21, 2023, the City received the certified tax roll from the Chief Appraiser of the Tax Appraisal District of Bell County. On July 28, 2023, the no-new-revenue rate and voter-approval rates were received. This information was necessary to calculate the final proposed tax rate and proposed revenue. The adjustments proposed below are a result of the receipt of these final numbers. In addition, the 2023 Certificates of Obligation were sold on July 11, 2023. The bids came in with lower interest rates that rendered a lower debt service payment than originally estimated. This resulted in a savings. This savings allowed for a reduction in the originally proposed debt service tax rate which was shifted to the maintenance and operations tax rate in order to pay for the proposed Fire Department Fit for Duty Physicals which includes cancer screening.
Additional proposed changes include the reduction of Building Permit Revenue as a result of the City Council's action on August 8, 2023 to lower the proposed rate increases for Engineering's Subdivision Construction Plan Review and Final Conformance Inspection of Public Infrastructure.
House Bill 3033 was signed into law on June 13, 2023, with an effective date of September 1, 2023. The bill, among many other things, requires that the City submit requests for an attorney general decision regarding public information requests through the Attorney General's electronic filing system. The fees to file electronically are $15 per filing and $5 per supplemental filing. If the City continues to file the same or slightly hig...
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