Title
Consider a resolution setting the maximum property tax rate for tax year 2020, 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 $0.439000, which exceeds the no new revenue rate of $0.425550. 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 2020 tax rate necessary to fund the FY 2020-21 Annual Budget. The Council is not required to adopt this rate; however, this is the maximum rate the Council may consider to meet the timing requirements under state law without restarting the notice and hearing process.
The purpose of the proposed tax rate increase over the no new revenue rate is to provide additional funding for roads.
(1) Vote to place adoption of proposed tax rate of $0.439000 cents per $100 valuation as an action item at the August 27, 2020 Council meeting and the September 10, 2020 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 Thursday, August 27th at 6:00pm at 221 E. Main Street, Round Rock, TX, 78664.