Item 9ECity of Southlake, Texas
MEMORANDUM
July 30, 2007
TO: Shana Yelverton, City Manager
FROM: Sharen Jackson, Director of Finance
SUBJECT: Consider placing a proposal to adopt a tax increase and hold a public hearing on
the tax rate on the agenda of the September 4 and 18, 2007 Regular City Council
meetings
Action Requested: Place a proposal to adopt a tax increase and hold a public hearing on the tax
rate on the agenda of the September 4 and 18, 2007 Regular City Council
meeting.
Background
Information: The proposed tax rate of $.462 will exceed the lower of the rollback rate
($.430337) or the effective tax rate ($.433798) and increase tax revenues.
Even though the tax rate is held at $.462, the tax rate exceeds the lower of the
rollback rate ($.430337) or the effective tax rate ($.433798). Because the tax
rate exceeds the lowest rate, the law requires that the city council must vote to
place a proposal to adopt the rate increase on the agenda of a future meeting as
an action item and hold a public hearing on the proposal.
Financial
Considerations: None required
Citizen Input/
Board Review: Public Hearings scheduled for September 4 and 18, 2007
Legal Review: None required
Alternatives: None
Supporting
Documents: None
Staff
Recommendation: Place a proposal to adopt a tax rate increase and hold a public hearing on the
tax rate on the agenda of the September 4 and 18, 2007 Regular City Council
meeting.