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 ($0.503135) or the effective rate ($0.479279). The proposed tax rate is $0.505000.  August 14, 2018, and August 28, 2018, are the dates City Council set for the public hearings on the tax rate.

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 $0.505000 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 2018-2019 reflects a tax rate of $0.505000 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 $0.505000 per $100 of the certified appraised values, would be $68,658,281 which is $4,185,071 more than last year's budget and includes property tax revenue in the amount of $2,173,317 to be raised from new property added to the tax roll this year.

Staff recommends the City Council conduct a public hearing and set the meeting date of September 11, 2018, at 7:00 PM at Allen City Hall, 305 Century Parkway, Allen, Texas, to vote on the tax rate.

I make a motion to set the City Council meeting date of September 11, 2018, at 7:00 PM at Allen City Hall, 305 Century Parkway, Allen, Texas, to vote on the proposed tax rate of 50.5 cents per $100 of the certified appraised value for the Fiscal Year 2018-2019 budget.