Item 6C CITY OFi lI
SOUTHLAKE Item 6C
MEMORANDUM
August 8, 2017
To: Shana Yelverton, City Manager
From: Sharen Jackson, Chief Financial Officer
Subject: Consider a proposal to adopt a tax increase
Action
Requested: Consider a proposal to adopt a tax increase and hold public
hearing on the tax rate.
Background
Information: The proposed tax rate of $.462 will exceed the effective tax
rate ($.44612) and increase tax revenues. Even though the
tax rate is held at $.462 for the 15t`' year, the tax rate
exceeds the effective tax rate ($.44612). Because the tax rate
exceeds the effective tax rate, 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 September 5t"
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 19, 2017
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
impact of$1,058,004.
Strategic Link: F1 Adhere to financial management principles and budget
Citizen Input/
Board Review: Second Public hearing is scheduled for September 5t"
Legal Review: None required
Alternatives: None
Supporting
Documents: None
Staff
Recommendation: Hold public hearing to comply with state law.