HomeMy WebLinkAboutResolution 5601-08-2022 A Resolution
NO. 5601-08-2022
RECOMMENDING A TAX RATE $0.7125 PER$100.00 IN VALUATION, WHICH
WILL RESULT IN AN INCREASE IN TAX REVENUE FOR FISCAL YEAR 2023 AND
SETTING A DATE FOR THE PUBLIC HEARING ON THE RECOMMENDED TAX
RATE
WHEREAS, in accordance with Chapter X, Section 1, of the Charter of the City of Fort
Worth,the recommended capital improvement plan, ad valorem tax rate, and operating budget for
Fiscal Year 2023 were presented to the City Council at the City Council Special Called Work
Session on August 9,2022;
WHEREAS, in order to fund the budget as proposed by the City Manager and to provide
flexibility in evaluating options to address pressing funding concerns, it has been recommended
that the City Council consider an ad valorem tax rate of$0.7125 per $100.00 in valuation, which
is lower than the current actual, adopted rate but exceeds both the no-new-revenue tax rate of
$0.666876 per $100.00 in valuation and the voter-approval tax rate, without the accumulated
unused increment, of$0.709912 per$100.00;
WHEREAS, adoption of the recommended rate would use $0.002588 cents of the City's
accumulated unused increment but leave $0.087346 of available accumulated increment unused;
WHEREAS,revenue to be generated from adoption of a recommended tax rate higher than
the no-new-revenue tax rate and the voter approval tax rate, without the accumulated unused
increment, is needed to provide resources for vital services including, but not limited to Police,
Fire, and Transportation and Public Works which address public safety concerns, and Libraries
and Parks, which affect quality of life issues, and to help in addressing the infrastructure needs in
a fast-growing city;
WHEREAS,pursuant to Texas Tax Code Section 26.05, adoption of a tax rate greater than
either the no-new-revenue or the voter-approval tax rate requires the City Council to provide for
and conduct one public hearing on the recommended tax rate and to provide notice thereof; and
WHEREAS,at such hearing,the Fort Worth City Council will afford adequate opportunity
for proponents and opponents of the recommended tax rate to present their views.
NOW,THEREFORE,BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF FORT WORTH, TEXAS:
1. That an ad valorem tax rate of$0.7125 per$100.00 in valuation for property in the
City of Fort Worth is being considered in connection with the proposed Fiscal Year 2023 budget,
which the City Council is expected to consider at its meeting on Tuesday, September 27, 2022.
2. That a public hearing on the proposed rate will be held as part of the City Council
meeting on Tuesday, September 27, 2022 at 10:00 a.m., in the City Council Chamber, City Hall,
200 Texas Street, Fort Worth, Texas, 76102.
3. That an adequate opportunity will be afforded at the public hearing for proponents
and opponents of the recommended tax rate to present their views.
4. That the City Secretary shall publish notice of such hearing as prescribed by state
law.
Adopted this 23`d day of August 2022.
ATTEST:
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By: Jannette S.Goodall(Aug23,202214:46 CDT
Jannette S. Goodall, City Secretar
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