Title
HOLD a public hearing on the tax rate for the fiscal year October 1, 2016 through September 30, 2017 and setting the date of September 13, 2016 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 16, 2016, City Council set the preliminary tax rate for the FY 2017 Proposed Annual Budget and Plan of Municipal Services at the current adopted rate of .7498. The effective rate for FY 2017 is .7368. Because the preliminary rate has been 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 30, 2016, is the first of those two public hearings. The second public hearing will be held at a City Council meeting on September 6, 2016. At the conclusion of the public hearings, the Mayor must announce that City Council will vote to adopt the tax rate at City Hall Council Chambers on September 13, 2016, at 5:00 pm.