HomeMy WebLinkAboutCity Council-Agenda Packets-8/29/2006
City of Colleyville
Agenda
City Council
100 Main Street
Colleyville, Texas 76034
(817) 503-1000
www.colleyville.com
Tuesday, August 29, 2006
6:30 PM
CITY COUNCIL CHAMBERS
SPECIAL MEETING
1. ROLL CALL
2. PUBLIC HEARING
Discussion of the proposed FY 2007 tax rate of $.3474 per hundred
dollars of valuation
3. ADJOURNMENT
I hereby certify the above agenda was posted on the bulletin boards at City Hall on Thursday,
August 24, 2006, by 5:00 p.m.
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Cynthia Singleton, TRMC, CMC
City Secretary
Any matter on this agenda may, at the discretion of the governing body, be opened for public
comment and discussion.
If you plan to attend this public meeting and have a disability that requires special
accommodations, please advise the City Secretary at least 48 hours in advance at
817.503.1133, and reasonable accommodations will be made to assist you.
City of Colleyville
Page 1
Printed on 8/24/2006
City of Colleyville
Agenda Briefing
100 Main Street
Colleyville. Texas 76034
(817) 503-1000
www.colleyville.com
File Number:
File Type: Public Hearing
Status: Public Hearing
Version: 1 Agenda Date: 08/29/2006 Controlling Body: City Council
Requester: Finance Department Agenda No.: 2 Final Action:
File Name: Discussion of the proposed FY 2007 tax rate of $.3474 per hundred dollars of valuation
Attachments:
History of Legislative File
Version: Date:
Acting Body:
Action Text:
08/29/2006 City Council
Title
Discussion of the proposed FY 2007 tax rate of $.3474 per hundred dollars of valuation
Explanation
The FY 2007 proposed tax rate is $.3474 per hundred dollars of valuation. This tax rate is
unchanged from FY 2006 to FY 2007, and the rate has remained unchanged for the past
twelve years. The average residential value for FY 2006 was $338,001 and the average
residential value for FY 2007 is $352,915. This equates to an annual property tax
adjustment of $51.81 to support city services, or an adjustment of $.14 per day. Principally
driving the increase in average property value between FY 2006 and FY 2007 was higher
permit values for new residential constructions.
For FY 2007, the calculated effective tax rate is $.3388. Since it is lower than the proposed
tax rate of $.3474 per hundred dollars of valuation, two additional public hearings must be
held. The proposed tax rate of $.3474 will provide $249,800 in additional revenue over the
effective rate. This revenue would be used to offset increases totaling $292,215 in utilities,
fuel, health insurance and the increase in the price of asphalt in the Street department
budget. This is the first of the two public hearings, where citizens have an opportunity to
address the Council on the proposed tax rate. The second public hearing will be held on
Tuesday, September 5, 2006, at 7:30 P.M. and the tax rate will be adopted on Tuesday,
September 19, 2006.
City of Colleyville
Page 1
Printed on 8/24/2006