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CITY COUNCIL AGENDA COMMUNICATION |
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| | | | | | | | AGENDA DATE: | AugustĀ 13, 2019 |
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| | | | | | | | SUBJECT: | Conduct a Public Hearing Regarding the Fiscal Year 2019-2020 City Tax Rate. |
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| | | | | | | | STAFF RESOURCE: |
Eric Cannon, Chief Financial Officer
Chris Landrum, Budget Manager
Rebecca Brack, Budget Officer |
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| | | | | | | | PREVIOUS COUNCIL ACTION: | On July 23, 2019, City Council Set Tuesday,
August 13, 2019, and Tuesday, August 27, 2019, as the Public Hearing
Dates Regarding the Fiscal Year 2019-2020 City Tax Rate. |
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| | | | | | | | ACTION PROPOSED: | Conduct a Public Hearing Regarding the Fiscal Year 2019-2020 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 ($0.517168) or the
effective rate ($0.486618). The proposed tax rate is $0.498000.
August 13, 2019, and August 27, 2019, 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 $0.498000 exceeds the effective tax rate
indicated above, two public hearings are mandatory. The City has
historically always held two 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 2019-2020 reflects a tax rate of
$0.498000 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 $0.498000 per $100 of
the certified appraised values, would be $72,018,485 which is $2,470,372
more than last year's budget. Of that amount, $2,442,898 is attributed to new property added to the tax
roll this year.
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| | | | | | | | STAFF RECOMMENDATION
Staff
recommends the that City Council conduct a public hearing and set the meeting date of
September 10, 2019, 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 10,
2019, at 7:00 PM at Allen City Hall, 305 Century Parkway, Allen, Texas,
to vote on the proposed tax rate of 49.8 cents per $100 of the certified
appraised value for the Fiscal Year 2019-2020 budget.
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