G-07-09-27-14A2(a) - 9/27/2007 ORDINANCE NO. -6-07- 0`7-A 7- NA2(a)
AN ORDINANCE LEVYING TAXES FOR THE MAINTENANCE AND
OPERATION OF THE MUNICIPAL GOVERNMENT OF THE CITY OF
ROUND ROCK, TEXAS, AND PROVIDING FOR THE INTEREST AND
SINKING FUND FOR THE YEAR 2007.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF ROUND
ROCK, TEXAS:
I.
That there is hereby levied and there shall be collected for
the maintenance and operation of the municipal government of the
City of Round Rock, Texas, for the year 2007 upon all property,
real, personal and mixed, within the corporate limits of said City
subject to taxation, a tax of 19 . 601 cents on each One Hundred
Dollars ($100 . 00) valuation of property. THIS TAX RATE WILL
RAISE MORE TAXES FOR MAINTENANCE AND OPERATIONS THAN LAST
YEAR' S TAX RATE .
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 2007 upon all property, real, personal and
mixed, within the corporate limits of said City subject to
taxation, a tax of 16 . 921 cents on each One Hundred Dollars
($100 . 00) valuation of property.
SUMMARY
Maintenance and operation
of the Municipal Government 19. 601 cents
Interest and Sinking 16 . 921 cents
Total Tax per $100 . 00 of valuation 36 . 522 cents
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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.
The City Council hereby finds and declares that written notice
of the date, hour, place and subject of the meeting at which this
Ordinance was adopted was posted and that such meeting was open to
the public as required by law at all times during which this
Ordinance and the subject matter hereof were discussed, considered
and formally acted upon, all as required by the Open Meetings Act,
Chapter 551, Texas Government Code, as amended.
A
t
READ and APPROVED on first reading this the day of
r 2007 .
READ, APPROVED and ADOPTED on second reading this the O�Jul
day of 2007 .
WELL, Mayor
City of Round Rock, Texas
AT ST:
CHRISTINE R. MARTINEZ, City Secretry
2 .
DATE: September 20, 2007
SUBJECT: City Council Meeting - September 27, 2007
ITEM: 14A2(a) Consider an ordinance adopting the 2007 property tax rate for the
City of Round Rock. (Second Reading)
Department• Finance
Staff Person: Cindy Demers, Finance Director
Justification•
The proposed FY 2007-2008 Operating Budget is balanced at the property tax rate of 36.522
cents per $100 of appraised taxable value. This rate is below the tax rate adopted in 2006 (FY
2006-2007) by $0.00583, and is $0.01500 above the 2007 (FY 2007-2008) effective tax rate.
This tax rate provides adequate funding for the proposed operating budget. It remains a
competitive rate when compared to other municipalities.
State law re uires that the motion to ado t the ordinance be stated as follows:
"I MOVE THAT PROPERTY TAXES BE INCREASED BY THE ADOPTION OF A TAX RATE
OF 36.522 CENTS."
Funding•
Cost: N/A
Source of funds: N/A
Outside Resources: N/A
Background Information•
2007 (FY 2007-2008) Proposed Tax Rate - $0.36522
2007 (FY 2007-2008) Effective Tax Rate - $0.35022
2006 (FY 2006-2007) Tax Rate - $0.37105
The proposed tax rate of $0.36522 is required to balance the FY 2007-2008 Operating Budget.
This rate is $0.01500 above the 2007 effective tax rate. The proposed increase is due to the
new debt service associated with the recently issued general obligation bonds and certificates
of obligation. Under this proposal, taxes on the average homestead would increase by $45 or
7.5% compared with last year's taxes.
Comparing the proposed tax rate to the effective rate, the tax rate would increase by 4.2%.
Individual taxes may increase at a greater or lesser rate, or even decrease, depending on the
change in taxable value of the property.
Public Comment•
Public Hearings were held on September 6 and September 13.