DEPARTMENT: Office of Management and Budget
DEPARTMENT HEAD: Justina Tate
COUNCIL DISTRICTS IMPACTED: City Wide
SUBJECT: Potential Ad Valorem Property Tax Revenue Caps, FY 2017 Budget and Financial Status Report, & Recommended FY 2018 Budget Calendar
SUMMARY:
During the Wednesday, March 8, 2016 City Council "B" Session, City Council will be provided with an informational briefing on: A) State legislation regarding the imposition of ad valorem tax revenue caps and B) the City's Fiscal Year (FY) 2017 Budget and Finance status for the first quarter (October through December), an update on the implementation status of FY 2017 Budget Initiatives, first quarter 24/7 Performance Measures results, and the recommended FY 2018 Budget Calendar.
Potential Ad Valorem Property Tax Revenue Caps
During the 2017 State Legislative Session, bills have been filed in regard to changing the Texas Property Tax Code. Property taxes are a major source of revenue for the City and comprise 27.9% of the FY 2017 General Fund Budget. Information will be presented to the City Council regarding the potential impact of these bills on the City's revenue source. This will include a briefing on legislation such as Senate Bill 2 which proposes reducing the Rollback Rate calculation from 8% down to 4%. This change would negatively impact the current and future services funded by the City's General Fund.
3 Plus 9 Budget and Finance Report for the First Quarter
The budget and finance report will include updated estimates on revenues and expenditures for the remaining three quarters of the fiscal year (January through September). The "3 Plus 9" Budget & Finance report will focus on the City's General Fund and highlight several restricted funds within the Operating Budget. During this meeting, the recommended FY 2018 Budget Calendar will be reviewed with City Council.
BACKGROUND INFORMATION:
On September 15, 2016, the ...
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