09-06-18 Special Meeting of the La Porte City Council

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REQUEST FOR CITY COUNCIL AGENDA ITEM September 6, 2018 Appropriation Agenda Date Requested Jason Weeks, Asst. City Manager Source of Funds: N/A Requested By: Administration Account Number: N/A Department: Amount Budgeted: N/A Report Resolution: Ordinance: Amount Requested: N/A Exhibit: Budgeted Item: YES NO SUMMARY & RECOMMENDATION $100 of property valuation and the rollback tax rate at $0.771 per $100 of property valuation. The effective tax rate provides a taxing unit with approximately the same amount of revenue it had the prior year on properties taxed in both years. The rollback tax rate provides the taxing unit approximately the same amount of tax revenue it spent the previous year for day-to-day operations plus an additional 8% and sufficient funds to pay its debt in the coming fiscal year. e requires a City Council to hold two public hearings if a City adopts a tax rate higher than the effective or rollback tax rate, and a separate date to adopt the tax rate. If the City of La Porte City Council wishes to adopt a tax rate exceeding the effective tax rate of $0.731 per $100 of property valuation, the st Council would need to formally announce the date of the public hearings, which the 1 Public Hearing would nd occur on Thursday, September 20, 2018 at 5:00 p.m. and the 2 Public Hearing would occur on Monday, September 24, 2018 at 6:00 p.m., while the date to adopt the property tax rate would occur on Monday, October 8, 2018 at 6:00 p.m. All public hearings and the adoption of the property tax rate would occur in the City of La Porte Council Chambers located at 604 W. Fairmont Parkway in La Porte, Texas. Action Required by Council: Discuss and consider or other action to propose a FY 2018-19 tax rate and establish public hearing dates (if applicable) as required by State law. Approved for City Council Agenda Corby D. Alexander, City Manager Date