TITLE
HOLD a public hearing on the tax rate for the fiscal year October 1, 2016, through September 30, 2017, and set the date of September 13, 2016, to adopt the tax rate. (2nd 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 0.7498. The effective rate for FY 2017 is 0.7368. Because 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
The first of two public hearings was held on August 30, 2016. 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 will announce that City Council will vote to adopt the tax rate at City Hall Council Chambers on September 13, 2016, at 5:00 pm.