From
Diana G. Ortiz
Title
Ordinance adopting and levying the ad valorem tax for the Fiscal Year 2014/2015 at a rate of $.669998 per $100 of assessed value on all taxable property within the corporate limits of the city on January 1, 2014, not exempt by law; providing revenues for payment of current municipal expenses, and for interest and sinking fund on outstanding City of Grand Prairie bonds; 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 $.669998 per $100 valuation is used to fund the fiscal year 2014/2015 balanced budget and has not changed from the current rate.
Financial Consideration
Property taxes will be allocated to the General Fund and Interest & Sinking (Debt) Fund based on their respective components on $.484892 and $.185106 per $100 valuation. This tax is expected to increase total operating revenue from properties on the tax roll by $3,472,289 and $1,325,535 in the debt service fund for a total of $4,797,824.
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 YEAR 2014, ON ALL TAXABLE PROPERTY WITHIN THE CORPORATE LIMITS OF THE CITY ON JANUARY 1, 2014, NOT EXEMPT BY LAW; PROVIDING REVENUES FOR PAYMENT OF CURRENT MUNICIPAL EXPENSES, AND FOR INTEREST AND SINKING FUND ON OUTSTANDING CITY OF GRAND PRAIRIE BONDS; 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 2014 tax year;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF GRAND PRAIRIE, TEXAS:
SECTION 1. THAT by authority of the Charter of the City of Grand Prairie, Texas, and the Laws of the State of Texas, there is hereby levied for the year 2014, on all taxable property situated within the corporate li...
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