HomeMy WebLinkAboutCity Council-Agenda Packets-8/28/2007.,
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7, ,
City Council
City of Colleyville
Agenda
100 Main Street
Colleyville, Texas 76034
(817) 503-1000
www.colleyville.com
Tuesday, August 28, 2007
6:30 PM
CITY COUNCIL CHAMBERS
SPECIAL MEETING
1. CALL TO ORDER
2. PUBLIC HEARING:
2a Discussion of the proposed FY 2008 ad valorem tax rate of $.3559 per
hundred dollars of valuation
3. ADJOURNMENT:
I hereby certify the above agenda was posted on the bulletin boards at City Hall on Friday,
August 24, 2008 by 5' 0 .m.
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 8/22/2007
~ 100 Main Street
v:~-~~~~ ,ya City ~f Co~~eyV~~~e Colleyville, Texas 76034
(817) 503-1000
Agenda Briefing www•colleyville.com
File Number:
File Type: Public Hearing
Status: Public Hearing
Version: 1
Agenda Date: 08/28/2007
Requester: Finance Department Agenda No.: 2a
Controlling Body: City Council
Final Action:
File Name: Discussion of the proposed FY 2008 ad valorem tax rate of $.3559 per hundred dollars of
valuation
Attachments: Property Tax Hearing Presentation
History of Legislative File
Version: Date: Acting Body: Action Text:
1 08/28/2007 City Council
Title
Discussion of the proposed FY 2008 ad valorem tax rate of $.3559 per hundred dollars of
valuation
Explanation
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 public hearings must
be held. This is the first of the public hearings, where citizens have an opportunity to
address the Council on the proposed tax rate. 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 during the Council meeting at 7:30 p.m.
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 in part 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 and
provide outdoor warning sirens. 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 annual debt payment for the 2007 debt is $267,822,
which equates to a $.0085 per $100 on the tax rate.
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 1 Printed on 8/22/2007
Agenda Briefing Continued -
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 $.28299 will be
allocated to operations and maintenance rate (General Fund rate). The ordinance adopting
the FY 2008 tax rate will reflect these rates as required by the effective tax rate calculation.
For FY 2007, the total tax rate was allocated $.06867 to the interest and sinking rate (Debt
Service Fund rate) and .27873 to operations and maintenance rate (General Fund rate). In
comparison to the FY 2007 tax rate allocation, the FY 2008 operation and maintenance
portion of the tax rate is adjusted to account for declining existing debt and growth in
valuation.
City of Colleyville Page 2 Printed on 8/22/2007
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