TITLE
Consider a memorandum/resolution approving the interest and sinking tax rate for FY 2017.
SUMMARY
AGENDA ITEM
Memorandum approving the interest and sinking tax rate for FY 2017
ORIGINATING DEPARTMENT
City Manager/Finance
BACKGROUND INFORMATION
Section 26.05(a) of the Tax Code requires taxing units to comply with truth-in-taxation laws in adopting their tax rates. The City’s proposed tax rate consists of two components, each of which must be approved separately.
DISCUSSION/CONCLUSION
The proposed tax rate is 0.7498 and the interest and sinking component is 0.3031.
FISCAL IMPACT
The interest and sinking component will generate $15,853,159 at the City’s estimated collection rate of 98%.
RECOMMENDATION
City Council approve the proposed interest and sinking rate of 0.3031.