From
Cheryl Davenport
Title
Ordinance adopting and levying the ad valorem tax for the Fiscal Year (FY) 2016/2017 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, 2016, 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 used to fund the FY 2016/2017 balanced budget has not changed from the current rate.
Financial Consideration
Property taxes will be allocated to the General Fund and Debt Service (I&S) Fund based on their respective components of $0.473549 and $0.196449 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 2016/2017, ON ALL TAXABLE PROPERTY WITHIN THE CORPORATE LIMITS OF THE CITY ON JANUARY 1, 2016, 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 2016/2017;
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 FY 2016/2017, on all taxable property situated within the corporate limits of the City of Grand Prairie on January 1, 2016, and not exempt by the constitution and laws of the State of Texas or municipal ordinance, a tax or $0.669998 on each $100 asse...
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