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<br />REQUEST FOR CITY COUNCIL AGENDA ITEM <br /> <br />Agenda Date Requested: September 13, 2010 <br /> <br />Appropriation <br /> <br />Requested By: Michael G. Dolby, CPA <br /> <br />Source of Funds: N/A <br /> <br />Department: Finance <br /> <br />Account Number: N/A <br /> <br />Report: <br /> <br />Resolution: x Ordinance: <br /> <br />Amount Budgeted: N/ A <br /> <br />Exhibits: <br /> <br />Resolution <br /> <br />Amount Requested: N/A <br /> <br />Exhibits: <br /> <br />Budgeted Item: YES NO <br /> <br />Exhibits: <br /> <br />SUMMARY & RECOMMENDATION <br /> <br />House Bill 3195, passed by the Texas Legislature in 2007, amends Section 102.007 of the Texas Local <br />Government Code to require that the Council must take a separate vote to ratify increased property tax <br />revenues that are reflected in the budget. Since the FY 2010-11 budget includes more property tax <br />revenues than in FY 2009-10, the Council must take this action. House Bill 3195 requires that the <br />ratification vote is in addition to and separate from the vote to adopt the budget or the vote to set the tax <br />rate as required by Chapter 26 of the Texas Tax Code. The projected increase in revenues from property <br />taxes is reflected in the budget as presented. <br /> <br />The budget for FY 2010-11 includes projected revenues from property taxes that exceed the revenues <br />from property taxes in the FY 2009-2010 budget by $1,684,232.00, and of that amount $193,875 is tax <br />revenue to be raised from new property added to the tax roll this year. <br /> <br />Action ReQuired bv Council: <br /> <br />Approve Resolution to ratify the projected increase in property tax revenues collected as reflected in the <br />FY 2010-11 Budget. <br /> <br /> <br />&Jill ~O <br /> <br />Date <br />