04 - Ratify the property tax increase reflected in the budget as required by Local Government Code

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Item No. 4 memorandum TO: City Council John Godwin, City Manager FROM: Gene Anderson, Finance Director BACKGROUND: Under Local Government Code Section 102.007 (c), the City Council is required to take a separate vote to ratify the property tax increase reflected in the 2018-19 Budget. This vote is in addition to the vote required to adopt the budget and the vote to adopt the tax rate. STATUS OF ISSUE: This matter is waiting for City Council approval. Total property taxes are increasing by $367,280. Of this increase, $56,035 is due to new property added to the tax roll for the first time and $311,245 is due to growth in the taxable value of property already on the tax roll. RECOMMENDATION: Motion to ratify the property tax increase reflected in the 2018-19 Budget.