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    2.    
Special City Council Meeting
Meeting Date: 09/02/2020  

Agenda Item
Public Hearing - Finance: Hold a public hearing on a proposal to increase total tax revenues from properties on the tax roll in the preceding tax year by 1.06% (percentage by which the proposed tax rate exceeds the no-new-revenue tax rate calculated under Chapter 26, Tax Code).
Item Summary
On August 11, 2020, the City Council approved a resolution for a proposed maximum tax rate of $0.541573 cents per $100 valuation. A public hearing is required prior to adopting a tax rate that is higher than the no-new-revenue rate or voter-approval rate. A property tax rate of $0.541573 per $100 valuation is proposed which is higher than the no-new-revenue rate. The tax rate is distributed as follows:
 
General Fund Maintenance and Operations $0.398672
Interest and Sinking Fund 0.120433
Economic Development 0.022468
Fiscal Impact
The tax rate is scheduled to be adopted at the September 8, 2020 City Council Meeting. The fiscal impact of that decision is unknown until the tax rate is chosen and adopted.
Staff/Board Recommending
D. Blu Kostelich, Chief Financial Officer
Attachments
Tax Rate Public Hearing Notice

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