Item 7CCity of Southlake, Texas
MEMORANDUM
August 10, 2005
TO: Shana Yelverton, City Manager
FROM: Sharen Elam, 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 6 and 20, 2005 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 6 and 20, 2005 Regular City Council
meeting.
Background
Information: The proposed tax rate of $.462 will exceed the lower of the rollback rate
($.503646) or the effective tax rate ($.459016) and increase tax revenues.
Even though the tax rate is held at $.462, the tax rate exceeds the effective
tax rate $.459016. 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 6 and 20, 2005
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 6 and 20, 2005 Regular City Council
meeting.