| | | | | | | |
CITY COUNCIL AGENDA COMMUNICATION |
|
| | | | | | | | | AGENDA DATE: | September 14, 2021 |
|
| | | | | | | | | SUBJECT: | Conduct a Public Hearing Regarding the Fiscal Year 2021-2022 City Tax Rate and Adopt an Ordinance Setting the Tax Rate for the Fiscal Year 2021-2022 Budget. |
|
| | | | | | | | | STAFF RESOURCE: | Pete Phillis, Chief Financial Officer
Chris Landrum, Assistant Chief Financial Officer
Rebecca Brack, Budget Officer |
|
| | | | | | | | | PREVIOUS COUNCIL ACTION: | On July 27, 2021, City Council Set Tuesday, September 14, 2021, as the Public Hearing Date Regarding the Fiscal Year 2021-2022 City Tax Rate. |
|
| | | | | | | | | ACTION PROPOSED: | Conduct a Public Hearing Regarding the Fiscal Year 2021-2022 City Tax Rate and Adopt an Ordinance Setting the Tax Rate for the Fiscal Year 2021-2022 Budget. |
|
| | | | | | | | BACKGROUND
The budget process for the City of Allen begins in January and culminates in the action by the City Council to adopt the budget and set the tax rate. This process includes the City Council Strategic Planning session held in January and the City Council Budget Workshop that was held August 13-15, among other scheduled meetings.
The proposed tax rate is $0.470000. September 14, 2021, is the date the Allen City Council set for the public hearing on the tax rate.
No other business may be conducted at the hearing. State law requires that a vote on the tax increase may not be held later than the seventh day after the date of the public hearing. The governing body may vote on the proposed tax rate at the conclusion of the public hearing. If the governing body does not vote on the proposed tax rate at the public hearing, the governing body shall announce at the public hearing the date, time, and place of the meeting at which it will vote on the proposed tax rate.
After the budget is adopted, the Council must adopt an ordinance setting the tax rate. This action completes the budget process. The tax rate includes two components: a levy for the General Fund (maintenance and operations) and a levy for debt service. The ordinance requires the City's tax collector to collect and deposit those funds in the City's accounts in accordance with the allocation between maintenance and operations and debt as designated in this ordinance.
|
| | | | | | | | BUDGETARY IMPACT
The City's proposed budget for Fiscal Year 2021-2022 reflects a tax rate of $0.470000 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 $0.470000 per $100 of the certified values, would be $74,078,381 which is $1,436,206 more than last year's budget as calculated by truth-in-taxation. Of that amount, $1,617,927 is attributed to new property added to the tax roll this year.
|
| | | | | | | | STAFF RECOMMENDATION
Staff recommends that the City Council conduct a public hearing and adopt an Ordinance setting the tax rate of $0.470000 for the Fiscal Year 2021-2022 budget.
|
| | | | | | | | MOTION
I make a motion to adopt a tax rate of $0.470000, and adopt Ordinance No. ________ setting that tax rate for the Fiscal Year 2021-2022.
|
|