TITLE
Consider a memorandum/resolution approving the Maintenance and Operations Tax Rate for FY 2017.
SUMMARY
AGENDA ITEM
Memorandum approving the Maintenance and Operations 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 maintenance and operations component is 0.4467.
FISCAL IMPACT
The maintenance and operations component of the tax rate will generate $23,363,926 at the City’s estimated collection rate of 98%.
RECOMMENDATION
City Council approve the proposed maintenance and operations rate of 0.4467.