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Item No. 3 <br />hyfim����� <br />TO: Mayor, Mayor Pro -Tem, & City Council <br />Robert Vine, Interim City Manager <br />FROM: Gene Anderson, Finance Director <br />SUBJECT: RATIFYING THE PROPERTY TAX INCREASE IN THE 2024-25 BUDGET <br />DATE: September 10, 2024 <br />BACKGROUND: Under Local Government Code Section 102.007 (c), the City Council is <br />required to take a separate vote to ratify any property tax increase reflected in the 2024-25 Budget. <br />This vote is in addition to the vote required to adopt the budget and the vote to adopt the tax rate. <br />STATUS OF ISSUE: City staff has placed this matter on the agenda, as it must be approved prior <br />to voting on the tax rate. The 2024-25 Budget will raise $636,414 more in property tax revenue <br />than last year. $159,347 of this amount comes from property taxes on new property that was not <br />on the tax roll last year. <br />BUDGET: N/A <br />RECOMMENDATION: Motion to ratify the property tax increase reflected in the 2024-25 <br />Budget. <br />