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CITY COUNCIL AGENDA COMMUNICATION |
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| | | | | | | | AGENDA DATE: | AugustĀ 22, 2017 |
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| | | | | | | | SUBJECT: | Conduct a Public Hearing Regarding the Fiscal Year 2017-2018 City Tax Rate. |
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| | | | | | | | STAFF RESOURCE: | Eric Cannon, Chief Financial Officer
Chris Landrum, Budget Manager |
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| | | | | | | | PREVIOUS COUNCIL ACTION: | At
the July 25, 2017, City Council Meeting, City Council Set Tuesday,
August 8, 2017, and Tuesday, August 22, 2017, as the Public Hearing
Dates Regarding the Fiscal Year 2017-2018 City Tax Rate.
On August 8, 2017, City Council held the first Public Hearing regarding the 2017-2018 City Tax Rate.
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| | | | | | | | ACTION PROPOSED: | Conduct a Public Hearing Regarding the Fiscal Year 2017-2018 City Tax Rate. |
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| | | | | | | | BACKGROUND
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 ($0.515222) or the
effective rate ($0.483572). The proposed tax rate is $0.515000.
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 $0.515000 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.
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| | | | | | | | BUDGETARY IMPACT
The
City's proposed budget for Fiscal Year 2017-2018 reflects a tax rate of
$0.515000 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 $0.515000 per $100 of
the certified appraised values, would be $63,693,189 which is $4,252,922
more than last year's
budget and includes property tax revenue in the amount of $1,461,688 to
be raised from new property added to the tax roll this year.
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| | | | | | | | STAFF RECOMMENDATION
Staff
recommends that the City Council conduct a public hearing and set the
meeting date of September 12, 2017, at 7:00 PM at Allen City Hall, 305
Century Parkway, Allen, Texas, to vote on the tax rate.
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| | | | | | | | MOTION
I
make a motion to set the City Council meeting date of September 12,
2017, at 7:00 PM at Allen City Hall, 305 Century Parkway, Allen, Texas,
to vote on the proposed tax rate of 51.5 cents per $100 of the certified
appraised value for the Fiscal Year 2017-2018 budget.
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