HomeMy WebLinkAboutCity Council-Agenda Packets-8/26/2008City of Colleyville 100 Mlain Street
1 ~ Colleyville, Texas 76034
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e>!~-~~~~ , Agenda s17.5o3.1000
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City Council
Tuesday, August 26, 2008 7:00 PM CITY COUNCIL CHAMBERS
1. CALL TO ORDER
2. PUBLIC HEARING
SPECIAL MEETING
2a Discussion of the proposed Fiscal Year (FY) 2009 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 22, 2008, by 5:00 .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 8/19/2008
~" City Hall
s ,~4 J City of Colleyville 100 Main Street
Colleyville, Texas 76034
r=~~'~ ` Agenda Briefing 817.503.1000
www.colleyville.com
File Number:
Version: 1
File Type: Public Hearing
Agenda Date: 08/26/2008
Status: Public Hearing
Controlling Body: City Council
Requester: Finance Department Agenda No.: 2a
Final Action:
File Name: Discussion of the proposed Fiscal Year (FY) 2009 ad valorem tax rate of $.3559 per hundred
dollars of valuation
Attachments:
History of Legislative File
Version: Date: Acting Body: Action Text:
08/13/2008 City Council
08/26/2008 City Council
Title
Discussion of the proposed Fiscal Year (FY) 2009 ad valorem tax rate of $.3559 per
hundred dollars of valuation
Explanation
Public Hearing
The FY 2009 proposed tax rate is $.3559 per hundred dollars of valuation. This tax rate is
unchanged from FY 2008 to FY 2009. The average residential value for FY 2008 was
$375,211 and the average residential value for FY 2009 is $391,133. This equates to an
annual property tax adjustment of $56.67 to support city services, or an adjustment of $.15
per day. Principally driving the increase in average property value between FY 2008 and FY
2009 is higher permit values for new residential construction.
For FY 2008, the calculated effective tax rate is $.344078. Since it is lower than the
proposed tax rate of $.3559 per hundred dollars of valuation, two additional public hearings
must be held. The proposed tax rate of $.3559 will provide $336,120 in additional revenue
over the effective rate. This revenue would be used to offset increases totaling $336,120 in
utilities, fuel, and health insurance. This is the first of the two public hearings, where
citizens have an opportunity to address the City Council on the proposed tax rate. The
second public hearing will be held on Tuesday, September 2, 2008, at 7:30 p.m. and the
proposed tax rate will be adopted on Tuesday, September 16, 2008.
City of Colleyville Page 1 Printed on $i7yizuuts