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CITY COUNCIL AGENDA COMMUNICATION |
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| | | | | | | | AGENDA DATE: | AugustĀ 27, 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: | At
the July 23, 2019, City Council Meeting, 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.
On August 13, 2019, City Council held the first Public Hearing regarding the 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 $0.489.
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 $0.489 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 2019-2020 reflects a tax rate of
$0.489 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 $0.489 per $100 of
the certified appraised values, would be $70,716,946 which is $1,195,340
more than last year's budget and includes property tax revenue in the
amount of $2,398,749 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 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 48.9 cents per $100 of the certified
appraised value for the Fiscal Year 2019-2020 budget.
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