Item 6F
M E M O R A N D U M
August 11, 2015
To: Shana Yelverton, City Manager
From:Sharen Jackson, Chief Financial Officer
Subject: Item 6F: Consider proposal to adopt a tax increase
Action
Requested: Consider proposal to adopt a tax increase and hold public
hearing on the tax rate.
Background
Information:The proposed tax rate of $.462 will exceed the effective tax
rate ($.430012) and increase tax revenues. Even though the
tax rate is held at $.462 for the thirteenth year,the
proposed revenue that will be generated next year exceeds
the revenue the City received during the current year, thus
putting the tax rate above the effective tax rate. Because this
is the case, state law requires that two public hearings be held
by the governing body before adopting the proposed tax rate.
This is the first of two public hearings on the proposed tax
increase. The second public hearing is scheduled for
st
September 1.
At each hearing, the governing body must announce the date,
time and place of the meeting at which they will vote on the tax
rate.
“City Council will vote on the tax rate on September 15, 2015
at 5:30 P.M. or immediately following the work session in the
City Council Chambers at Town Hall, 1400 Main Street
Southlake Texas”
Financial
Considerations:The effective tax rate would result in a property tax revenue
reduction of $1,850,609
Strategic Link: F1 Adhere to financial management principles and budget
Citizen Input/
st
Board Review: Second Public hearing is scheduled for September 1
Legal Review: None required
Alternatives: None
Supporting
Documents: None
Staff
Recommendation: Hold public hearing to comply with state law.