HomeMy WebLinkAboutIR 7315 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 7315 p,1
*„n,t*Ea
�a4�okr�� To the Mayor and Members of the City Council August 30, 1988
*rexA�. Subject: PUBLICATION OF PROPOSED TAX RATE
e,s
Under provision of the State Property Tax Code, the City Council is required
to pass a resolution setting the time and place for a public hearing on the
proposed tax rate for fiscal 1988-89. The public hearing thus set may not be
held less than seven days after required publication of the notice of public
hearing. At the public hearing the Council announces the date, time and place
where the Council will vote on the proposed tax rate. Information as to the
date, time, and place must also be published. This meeting must take place no
less than three and no more than fourteen days after the public hearing date.
The rate that the Council advertises as the proposed rate may be decreased as
a result of further deliberation, but if the Council decides to adopt a rate
higher than that published, it must be re-advertised with the concomitant time
requirements for the publication of the public hearing, the public hearing,
the publication as to meeting to adopt, and the meeting to adopt.
Staff recommends the following schedule for Council consideration to effect
timely adoption of the 1988-89 budget:
August 30 Council adopts resolution setting the proposed tax
rate and sets September 13 as the date of the public
hearing on the proposed tax rate
August 31-September S Publication of notice of public hearing
September 13 Public hearing on the proposed tax rate. Council
sets Council meeting date of September 20 as the date
when the tax rate will be adopted.
September 14-16 Publication of notice of vote on adoption of the tax
rate
September 20 Council adopts the fiscal 1988-89 budget and the tax
rate to support it.
Attached are four tax rate alternatives from which the Council may wish to
choose in selecting the rate to be publicized as the proposed tax rate. Three
of these alternatives have been presented earlier in the proposed budget docu-
ment (See the green pages in the front of the budget.) and a fourth has been
developed as a result of discussions in the budget study sessions so far.
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS —° �—
i INFORMAL REPORT TO CITY COUNCIL MEMBERS No. p.
�pP T[+9lO
' �QFtokr�A To the Mayor and Members of the City Council Au�^us 30, 1988
#rEV Subject: PUBLICATION OF PROPOSED TAX RATE
+a�a
Alternative #1 maintains the current nominal tax rate (78.53 cents) but re-
quires reductions in departmental budget allocations below that recommended in
the City Manager's recommended budget. Alternative #2 is the City Manager's
recommended budget alternative. If selected, an additional $727,854 must be
reduced from expenditures, increased in revenue, or some combination of the
two. Alternative 03 shows the tax rate required to fund fully the City Mana-
ger's proposed budget, includes $3.3 million for employee salary adjustments,
and adds $260,000 for program enhancements. Alternative #4 includes all of
the provisions of Alternative #3 plus additional funds for street maintenance;
bridge maintenance; 38 officers, 40 trainees, and one civilian position in the
Police Department; and replacement of the alarm system in Fire Dispatch.
Also attached is an estimate of taxes payable on an average value home in 1987
($67,563) under these four rate alternatives for both properties without the
senior citizens exemption and those with compared to the taxes payable on an
average value home in 1988 ($63,083)•
If Council wishes to review the effects of other alternatives, staff will be
prepared to respond to this request at the budget study session scheduled for
Tuesday, August 30.
Respectfully submitted,
iougl__ Harman
City nager
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS ---
i
Tax Rate of Tax Rate of Tax Rate of Tax Rate of
0.7853 0.8366 0.8666 0.9150
Current Tax Revenue 112,439,979 119,785,160 124,072.157 131,010,544
Other Revenue 94,858,119 94.858,119 94,858,119 94,858,119
TOTAL REVENUE 207,298,098 214,643,279 218,930,276 225,868,663
Total Expenditure 207,588,474 215,371.133 218,930,276 225,723,649
(Over) Under -290,376 -727,854 0 145,014
Over nominal (.7853)
Number of cents 0 5.13 8.13 12.97
Percent 0.00% 6.53% 10.352 16.52%
Over effective (.7958)
Percent -1.32% 5.13% 8.90% 14.98%
Over rollback (.8335)
Percent -5.78% 0.37% 3.97% 9.78%
e
1987-88 * 1988-89
$67,563.00 * $63,083.00
Rate 0.7853 * 0.7853
* *
* * Difference
Non-Sr. Tax Bill $424.46 * $396.31 * ($28.15)
Senior Tax Bill $110.34 * $82.19 * ($28.15)
* *
--------------------------------------------------------
* *
1987-88 * 1988-89
$67,563.00 * $63,083.00
Rate 0.7853 * 0.8366
* *
* * Difference
Non-Sr. Tax Bill $424.46 * $422.20 * ($2.26)
Senior Tax Bill $110.34 * $87.56 * ($22.78)
* *
--------------------------------------------------------
* *
1987-88 * 1988-89
$67,563.00 * $63,083.00
Pk Rate 0.7853 * 0.8666
* re
* * Difference
Non-Sr. Tax Bill $424.46 * $437.34 * $12.88
Senior Tax Bill $110.34 * $90.70 * ($19.64)
* *
--------------------------------------------------------
* *
1987-88 * 1988-89
$67,563.00 * $63,083.00
Rate 0.7853 * 0.9150
* *
* * Difference
Non-Sr. Tax Bill $424.46 * $461.77 * $37.31
Senior Tax Bill $110.34 * $95.77 * ($14.57)