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Regular City Council Meeting
Resolution - Finance:
Consider a resolution ratifying the adoption of the FY 2019-20 Budget that raises more tax revenue than was generated in the previous year.
Chapter 102 of the Texas Local Government Code brings into the budget process truth-in-taxation disclosure concepts. Any budget to be enacted after September 1, 2007, that raises more property tax revenue than the previous year requires two votes by the City Council:
(a) one vote to adopt the budget; and
(b) a separate vote to ratify the property tax revenue increase reflected in the budget.
This resolution addresses (b) as required by Chapter 102 of the Texas Local Government Code.
The FY 2019-20 Operating Budget and Capital Program raises more total property taxes than last year’s budget by $6,941,281, or 7.85 percent, and of that amount, $2,233,883 is tax revenue to be raised from new property added to the roll this year.
D. Blu Kostelich, Chief Financial Officer
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