Conduct a Public Hearing Regarding the Fiscal Year 2014-2015 City Tax Rate.

Kevin Hammeke, Chief Financial Officer
Chris Landrum, Budget Officer

On July 22, 2014, City Council set Tuesday, August 12, 2014, and Tuesday, August 26, 2014, as the Public Hearing dates regarding the Fiscal Year 2014-2015 City Tax Rate.

Conduct a Public Hearing Regarding the Fiscal Year 2014-2015 City Tax Rate.

According to the Texas Truth-in-Taxation Law, the City Council is required to set and conduct two Public Hearings on the Tax Rate if the City's proposed tax rate exceeds the lower of the rollback rate ($0.555500) or the effective rate ($0.515184). The proposed tax rate is $0.55000. No other business may be conducted at these hearings. State law also requires that at the end of each hearing the Council announce the date, time and place of the meeting at which it will vote on the tax rate.

Since the proposed tax rate of $0.55000 exceeds the effective tax rate indicated above, two public hearings are mandatory. The City has historically always held public hearings on the tax rate even when the hearings were not required.

The City's proposed budget for Fiscal Year 2014-2015 reflects a tax rate of $0.55000 per $100 of appraised valuation. Due to continued growth in the City's tax base from new improvements and existing properties, the total tax revenue generated, based on a rate of $0.55000 per $100 of the certified appraised values, would be $50,392,874. This is $4,341,133 more than last year's budget, and includes property tax revenue in the amount of $1,128,779 to be raised from new property added to the tax roll this year.

Staff recommends conducting a public hearing and setting the meeting date of September 9, 2014 at 7:00 PM at Allen City Hall, 305 Century Parkway, Allen, Texas, to vote on the tax rate.