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REQUEST FOR CITY COUNCIL AGENDA ITEM Agenda Date Requested: September 12, 2022 Requested By: Michael G. Dolby, Director Department: Finance C Report c— Resolution LT Ordinance Exhibits: No -New -Revenue Tax Rate Calculation Appropriation Source of Funds: NIA ACCDunt Number: NIA Amount Budgeted: NIA Amount Requested: NIA Budgeted Item: c' Yes No E`�ljtjII,I_1;Y&M.14 ►, I J, I =1 211 Ol-Al01$]2 The City of La Porte's tax assessor collector calculated the no -new -revenue tax rate at $0.712 and the voter -approval rate at $0.809. The no -new -revenue tax rate would impose the same amount of taxes as last year if you compare properties taxed in both years. The voter -approval tax rate is the highest tax rate a taxing unit can adopt without holding an election. The proposed tax rate is $0.71; therefore, a public hearing on the tax rate is not required. The fiscal year 2022-23 proposed budget was built around a tax rate of $0.71. The breakdown of the tax rate is as follows: Maintenance and operations = $0.622 Interest and sinking = $0.088 In accordance with current legislation, staff will place a notice in the paper informing the public of the date and time the governing body will vote and approve the tax rate. Staff anticipates publishing the notice seven (7) days prior to the public meeting, which will take place on September 26, 2022. Finally, be advised that tonight's action regarding the approval of the proposed tax rate will be a record vote that will be published on the notice regarding the public meeting on the 26tn ACTION REQUIRED BY CITY COUNCIL Consider, discuss and possible action to approve the City's proposed ad valorem tax rate of $0.71 cents for the 2022-23 Fiscal Year. Approved for the City Council meeting agenda Corby D. Alexander, City Manager Date