Title
Consider a resolution setting the maximum property tax rate for tax year 2024 establishing the date for the public hearing and setting the dates for tax rate adoption.
Body
The City Manager’s proposed budget includes a proposed maximum tax rate of $0.36000, which exceeds the no new revenue rate of $0.331466. When the proposed rate exceeds the no new revenue rate, Truth in Taxation laws require one public hearing, specific publications, and dates of scheduled adoption. This item meets the requirement for the City Council to set the proposed rate, set the public hearing, and place an item on future Council agendas to vote on the tax year 2024 tax rate necessary to fund the FY 2024-25 Annual Budget. The Council is not required to adopt this rate; however, this is the maximum rate the Council may consider and meet the timing requirements under state law without restarting the notice and hearing process. Exhibit A presents the proposed tax rate, voter approval rate, and no new revenue rate for tax year 2024.
The purpose of the proposed tax rate increase over the no new revenue rate is to fund new police officers to maintain good public safety, to add fire and parks staff needed for voter-approved bond projects, and pay debt service on voter approved general obligation bonds.
(1) Vote to place adoption of proposed tax rate of $0.36000 cents per $100 valuation as an action item at the August 22, 2024 Council meeting and the September 12, 2024 Council meeting both to be held at 221 E. Main Street, Round Rock, TX 78664.
AND
2) Set one (1) public hearing, as required by law, to be held on August 22, 2024, at 6:00 p.m. at 221 E. Main Street, Round Rock, TX, 78664.