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Item No. 5 <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 2015 -16 BUDGET <br />DATE: September 16, 2015 <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 2015 -16 <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 $70,485. $57,166 of the increase is due to new property added to the tax roll for <br />the first time and $13,319 of the increase is due to increased value of property already on the roll. <br />BUDGET: N/A <br />RECOMMENDATION: Motion to ratify the property tax increase reflected in the 2015 -16 <br />Budget. <br />