From
Cheryl Davenport
Title
Ordinance adopting and levying the ad valorem tax for the Fiscal Year (FY) 2017-2018 at a rate of $0.669998 per $100 of assessed value on all taxable property within the corporate limits of the city on January 1, 2017, not exempt by law; providing revenues for payment of current municipal expenses for interest and sinking fund on outstanding City of Grand Prairie debt; providing for enforcement of collections; providing for a severability clause; and providing an effective date
Presenter
Diana G. Ortiz, Chief Financial Officer
Recommended Action
Approve
Analysis
The proposed rate of $0.669998 per $100 valuation significantly funds the FY 2017-2018 balanced budget, and, it has not changed from the current rate. This year's proposed tax rate exceeds the effective tax rate. The vote on the ordinance, resolution, or order setting the tax rate must be a record vote. A motion to adopt the ordinance must be made in the following form:
I move that the property tax rate be increased by adoption of a tax rate of $0.669998, which is effectively a 7.72% increase in the tax rate.
Financial Consideration
Property taxes will be allocated to the General Fund and Debt Service (I&S) Fund based on their respective components of $0.471196 and $0.198802 per $100 valuation, respectively.
Body
AN ORDINANCE OF THE CITY OF GRAND PRAIRIE, TEXAS, ADOPTING AND LEVYING THE AD VALOREM TAX OF THE CITY OF GRAND PRAIRIE, TEXAS FOR THE FY 2017-2018, ON ALL TAXABLE PROPERTY WITHIN THE CORPORATE LIMITS OF THE CITY ON JANUARY 1, 2017, NOT EXEMPT BY LAW; PROVIDING REVENUES FOR PAYMENT OF CURRENT MUNICIPAL EXPENSES, AND FOR DEBT SERVICE ON OUTSTANDING CITY OF GRAND PRAIRIE DEBT; PROVIDING FOR A SEVERABILITY CLAUSE; AND PROVIDING AN EFFECTIVE DATE
WHEREAS, the City Council deems it in the public interest to adopt a tax rate for the FY 2017-2018;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF GRAND PRAIRIE, TEXAS:
SECTION 1. THAT ...
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