Laserfiche WebLink
Item No. 4 <br />memorandum <br />TO: City Council <br />John Godwin, City Manager <br />FROM: Gene Anderson, Finance Director <br />SUBJECT: RATIFYING THE PROPERTY TAX INCREASE IN THE 2017-18 BUDGET <br />DATE: September 12, 2017 <br />BACKGROUND: Under Local Government Code Section 102.007 (c), the City Council is <br />required to take a separate vote to ratify the property tax increase reflected in the 2017-18 <br />Budget. This vote is in addition to the vote required to adopt the budget and the vote to adopt the <br />tax rate. <br />STATUS OF ISSUE: This matter is waiting for City Council approval. Total property taxes are <br />increasing by $1,044,376. The bulk of this increase will go to make the debt payments on the <br />2017 GO Bond issue for street improvements. Taxes will also increase to reflect new property on <br />the tax roll and growth in the taxable value of existing property. <br />BUDGET: N/A <br />RECOMMENDATION: Motion to ratify the property tax increase reflected in the 2017-18 <br />Budget. <br />