HomeMy WebLinkAboutCity Council-Agenda Packets-8/15/2007City of Colleyville 100 Main Street
°~ Colleyville, Texas 76034
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*~*~ Agenda www.colleyville.com
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City Council
Wednesday, August 15, 2007 5:30 PM CITY COUNCIL CHAMBERS
SPECIAL MEETING
1. ROLL CALL
2. READING AND PUBLIC HEARING
2a R-07-2867 Approval of a proposal to set the ad valorem tax rate for Fiscal Year
2008 at $.3559 per hundred dollars of valuation and setting dates for
two public hearings on the Fiscal Year 2008 tax rate
3. ADJOURNMENT
I hereby certify the above agenda was posted on the bulletin boards at City Hall on Friday,
August 10, 2007, by 5:00 p.m.
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~~
Cynthia Singleton, TRMC, CM
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 8/10/2007
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~~ Agenda Briefing www.colleyville.com
File Number: R-07-2867
File Number: R-07-2867 File Type: Resolution Status: Resolution
Version: 1 Agenda Date: 08/15/2007 Controlling Body: City Council
Requester: Finance Department Agenda No.: 2a Final Action:
File Name: Approval of a proposal to set the ad valorem tax rate for Fiscal Year 2008 at $.3559 per hundred
dollars of valuation and setting dates for two public hearings on the Fiscal Year 2008 tax rate
Attachments: 2008 Property Tax Rate Presentation.pdf Resolution R-07-2867.pdf
History of Legislative File
Version: Date: Acting Body: Action Text:
08/15/2007 City Council
Title
Approval of a proposal to set the ad valorem tax rate for Fiscal Year 2008 at $.3559 per
hundred dollars of valuation and setting dates for two public hearings on the Fiscal Year
2008 tax rate
Explanation
Chapter 26, Texas Property Tax Code, requires taxing units to comply with
"Truth-in-Taxation" laws in setting tax rates and perform an effective tax rate calculation. If
the proposed tax rate is greater than the effective tax rate, legislation requires that before
the public hearing to adopt the tax rate can be held, two additional public hearings must be
held and notices of the meetings be published. The FY 2008 proposed tax rate is $.3559
per hundred dollars of valuation and the calculated effective tax rate is $.3373. Since the
calculated effective tax rate is lower than the proposed tax rate of $.3559 per hundred
dollars of valuation, two additional public hearings must be held.
The FY 2008 proposed tax rate is $.3559, which is an increase of $.0085 over the existing
tax rate of $.3474. The increase will be used to fund the debt service on the bonds voters
approved in 2005 and were sold in 2007 to build two fire stations in the City. These stations
will improve emergency incident response time and will complete fire station placement in
the City of Colleyville. The two new fire stations will open in Fall 2007.
The average residential value for FY 2007 was $352,915 and the average residential value
for FY 2008 is $375,211. This equates to an annual property tax adjustment of $109.34 to
support city services, or an adjustment of $.30 per day. Principally driving the increase in
average property value between FY 2007 and FY 2008 was higher permit values for new
residential constructions as the average value of homes constructed in FY 2007 was
$523,822. The average value for existing property increased 2.2%
City of Colleyville page ~ Printed on 8/10/2007
Agenda Briefing Continued (R-07-2867)
To comply with taxation requirements for these public hearings and the notices of the
hearings, it is required the Council pass a resolution reflecting its intention to adopt a tax
rate of $.3559 per hundred dollars of valuation and set two public hearings on the tax rate.
The vote on this resolution must be taken as a record vote. The notice of public hearing will
be published on Tuesday, August 21, 2007, in the Fort Worth Star-Telegram. The
resolution presented is pursuant to Sections 26.05 and 26.06 of the Texas Property Tax
Code calling for the approval of a proposal to set the ad valorem tax rate at $.3559 per
hundred dollars of valuation and calling two public hearings. The first meeting will be held
on Tuesday, August 28, 2007, at 6:30 p.m. and the second meeting will be held on
Tuesday, September 4, 2007, at 7:30 p.m. The tax rate will be adopted on Tuesday,
September 18, 2007.
As a point of reference, the effective tax rate calculation set the interest and sinking rate
(Debt Service Fund rate) at $.07291. The remainder of the tax rate of $.29299 will be
allocated to operations and maintenance (General Fund rate). The ordinance adopting the
FY 2008 tax rate will reflect these rates as required by the effective tax rate calculation.
Financial Impact
Notice of intent to adopt FY 2008 tax rate of $.3559 per hundred dollars of valuation.
Recommendation
Approval
City of Colleyville page y Printed on 8/10/2007
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RESOLUTION R-07-2867
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLLEYVILLE, TEXAS
PASSED PURSUANT TO SECTION 26.04, SECTION 26.05 AND SECTION 26.06 OF
THE PROPERTY TAX CODE OF THE STATE OF TEXAS, APPROVING A
PROPOSAL TO SET PROPERTY TAX RATES AT THIRTY FIVE AND FIFTY-NINE
HUNDREDTHS CENTS ($.3559) PER ONE HUNDRED DOLLARS VALUATION FOR
FISCAL YEAR 2008; DIRECTING THAT NOTICE BE GIVEN IN ACCORDANCE
WITH THE PROPERTY TAX CODE; SETTING TWO PUBLIC HEARINGS ON THE
PROPOSED TAX RATE AND PROVIDING FOR AN EFFECTIVE DATE
WHEREAS, the Tax Assessor/Collector for the City of Colleyville, Texas (the "City"), has
calculated the amount of the effective tax rate and the rollback tax rate
pursuant to Section 26.04(c) of the Property Tax Code of the State of Texas
(the "Property Tax Code"); and
WHEREAS, pursuant to Section 26.04(e) of the Property Tax Code, the said tax rates
have been submitted to the City Council; and
WHEREAS, it appears necessary to adopt a tax rate of thirty five and fifty-nine hundredths
cents (.3559) per one hundred dollars of valuation, which will raise greater
tax revenue than it did in Fiscal Year 2007.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
COLLEYVILLE, TEXAS:
Sec. 1. THAT the City Council does hereby, by the approval of this resolution, state
its intention to adopt a tax rate for Fiscal Year 2008 of thirty five and fifty-nine
hundredths cents (.3559) per one hundred dollars of valuation.
Sec. 2. THAT in order to comply with Section 26.05(d) and Section 26.06 of the
Property Tax Code, two public hearings on this proposed tax rate will be held
on August 28, 2007 at 6:30 p.m. and September 4, 2007 at 7:30 p.m. in the
Council Chambers, 100 Main Street, Colleyville, Texas, which date shall not
be earlier than seven (7) days after the date the notice of the public hearing
on the proposed increase is given.
Sec. 3. THAT the City Secretary is directed to publish a notice of this hearing in the
official city newspaper at least seven (7) days prior to the date of the first
public hearing in accordance with Section 26.06 of the Property Tax Code.
Sec. 4. THAT this resolution shall take effect from and after the date of its passage.
Resolution R-07-2867
Page 2 of 2
AND IT IS SO RESOLVED.
APPROVED BY THE CITY COUNCIL OF THE CITY OF COLLEYVILLE, TEXAS, THIS
THE DAY OF 2007, BY THE FOLLOWING VOTE:
David Kelly
Tony Licata
Jon Ayers
Mike Taylor
ATTEST:
Cynthia Singleton, TRMC
City Secretary
Carol Wollin
Rich Hendler
Tom Hart
CITY OF COLLEYVILLE
David Kelly
Mayor