O-88-2360 - 10/13/1988ORDINANCE NO. 3
AN ORDINANCE LEVYING TAXES FOR THE USE AND SUPPORT
OF THE MUNICIPAL GOVERNMENT OF THE CITY OF ROUND
ROCK, TEXAS, AND PROVIDING FOR THE INTEREST AND
SINKING FUND FOR THE YEAR 1988.
WHEREAS, the residents of the City of Round Rock, Texas, at a
duly called election voted to impose an additional one-half cent
sales tax for the purpose of reducing property tax; and
WHEREAS, the City began collecting said tax in 1988; and
WHEREAS, the projected revenue from that tax has been taken into
consideration in the setting of the tax rate hereinbelow which has
had the effect of reducing the tax rate by 5.706 cents on each One
Hundred Dollars ($100.00) valuation of property; and
WHEREAS, the 42.0 cent tax rate is .5 cents or 1.17% below the
1987 rate; and
WHEREAS, without the additional one-half cent sales tax the rate
for 1988 would have had to be 47.706 cents or a 12.2% increase over
1987 rates, NOW THEREFORE
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF ROUND ROCK, TEXAS
I.
That there is hereby levied and there shall be collected for the
use and support of the municipal government of the City of Round
Rock, Texas, for the year Nineteen Hundred and Eighty -Eight upon all
property, real, personal and mixed, within the corporate limits of
said City subject to taxation, a tax of 15.456 cents on each One
Hundred Dollars ($100.00) valuation of property.
That there is hereby levied and there shall be collected for the
City of Round Rock, Texas, to provide for Interest and Sinking Funds
for the year Nineteen Hundred and Eighty -Eight upon all property,
real, personal and mixed, within the corporate limits of said City
subject to taxation, a tax of 26.544 cents on each One Hundred
Dollars ($100.00) valuation of property.
SUMMARY
Municipal Government
Interest and Sinking
G7ORDLTAX
15.456
26.544
TOTAL 42.0
II.
All monies collected under this ordinance for the specific items
herein named, be and the same are hereby appropriated and set apart
for the specific purpose indicated in each item and that the Assessor
and Collector of Taxes, and the City Finance Director shall keep
these accounts so as to readily and distinctly show the amount
collected, the amounts expended and the amount on hand at any time,
belonging to such funds. All receipts for the City not specifically
apportioned by this ordinance are hereby made payable to the General
Fund of the City.
READ and APPROVED on first heading this the day of
September, 1988.
READ, APPROVED and ADOPTED on second reading this the /.3 day
of October, 1988.
MIKE ROBINSON, Mayor
City of Round Rock, Texas
ATTEST:
JO NE LAND, City Secretary
DATE: October 11, 1988
SUBJECT: Council Agenda, October 13, 1988
ITEM: 10C. Consider an ordinance setting the 1988 tax rate.
(Second Reading)
STAFF RESOURCE PERSON: Bob Bennett, David Kautz
STAFF RECOMMENDATION: Approve the Ordinance on second reading.
ECONOMIC IMPACT:
Property Tax Rate
The City proposes adoption of the 1988-89 property tax rate of 42
cents. This rate is down from last year's acutal rate of 42.5 cents.
The distribution for Maintenance & Operations and Debt Service is as
follows:
Maintenance and Operations $ 0.15456 / $100
Interest and Sinking
(debt service)
$ 0.26544 / $100
Total Tax Rate $ 0.42000 / $100
The 1988 tax role has been certified at $1,146,856,226. Based upon
this role the effective tax rate (which takes into consideration the
sales tax gain) is 40.209 cents. The maximum rollback rate is 43.489
cents.