HomeMy WebLinkAboutIR 10051 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 10051
To the Mayor and Members of the City Council September 19, 2017
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*a SUBJECT: BUDGET PROCESS FOR DELIBERATION OF AN ALTERNATIVE
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PROPOSED TAX RATE AND POTENTIAL FUNDING FOR THE T
This informal report has been prepared to inform City Council of the upcoming public hearings
regarding the alternate proposed property tax rate and associated specially called meetings to
hold hearings, adopt the tax rate and approve the FY2018 budget.
Proposed Tax Rate
City Council approved at its August 15 meeting a resolution to consider a tax revenue increase
and proposed tax rate of$0.8050 per $100 assessed valuation. Public hearings on the tax
revenue increase were conducted on August 29 and September 12.
At the September 12 City Council meeting, council members approved a motion to consider an
alternative proposed tax rate of $0.8150 per $100 assessed valuation which would result in a two-
cent tax rate reduction rather than the three-cent tax rate reduction originally proposed.
The alternative proposed rate of$0.8150 exceeds the lower of the effective or rollback tax rate,
and state law requires that two public hearing be held by the governing body before adopting the
alternate proposed tax rate.
ALTERNATE PROPOSED TAX RATE $0.815000 PER $100
PRECEDING YEAR'S TAX RATE $0.835000 PER $100
EFFECTIVE TAX RATE $0.787766 PER $100
ROLLBACK TAX RATE $0.813082 PER $100
The purpose of the potential additional funding is to respond to a request from The T for an
expansion of their bus service as contemplated in their master plan. Information will be
forthcoming by September 26 to describe the funding request in detail and the services it would
provide. The increased tax revenues that would be collected at various rates are described
below.
$0.815000 PER $100 (1 cent) $5.70 million
$0.813082 PER $100 (roll-back) $4.56 million
$0.810000 PER $100 (1/2 cent) $2.85 million
Scheduled Public Hearings & Meeting to Adopt the Tax Rate and Budget
Friday, September 22, 2017 Special Called Meeting (3 p.m.)
• 1St Public Hearing on Alternate Tax Rate & Alternate Budget
Tuesday, September 26, 2017 City Council Meeting (7 p.m.)
• 2nd Public Hearing on Alternate Tax Rate & Alternate Budget
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 10051
To the Mayor and Members of the City Council September 19, 2017
h�T�i7 Page 2 of 2
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*a SUBJECT: BUDGET PROCESS FOR DELIBERATION OF AN ALTERNATIVE
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PROPOSED TAX RATE AND POTENTIAL FUNDING FOR THE T
Friday, September 29, 2017 Special Called Meeting (3 p.m.)
• Proposed Budget Adoption
• Proposed Adoption of Tax Rate
Please contact me if you have any additional questions.
David Cooke
City Manager
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS