AGENDA MEMO
BUSINESS OF THE CITY COUNCIL
CITY OF FULSHEAR, TEXAS

EXECUTIVE SUMMARY

As of Monday, August 5th, the City has received the Certified Tax Roll for 2024.  The tax roll shows the Net Taxable Valuation of $4,637,608,318 to the City.

Based on the certified taxable values and other reports received from the Fort Bend County Tax Office, the City's No New Revenue Rate for the 2024 Tax Year is $0.154576$100 valuation.  The No New Revenue Tax Rate is the tax rate that generates the same amount of revenue for FY2024 as was generated in FY2023 based on the properties that were taxed in both years.  The Voter Approval Rate is calculated at $0.161856/$100.

The proposed FY2024 Budget presented is based on the tax rate of $0.161856/$100 which is comprised of the Maintenance & Operations Tax Rate of $0.121606/$100 and the Interest & Sinking (Debt Rate) of $0.040250/$100.  

City Council will be asked to make a record vote on the tax rate to be proposed for the tax year 2024 which covers the FY2025 budget year and set a public hearing date.

Please note these numbers are subject to change if the City received an updated calculation worksheet from the Ft. Bend County Tax Office.

RECOMMENDATION

A motion by a City Council Member to proposed a total tax rate of $0.161856 per $100 valuation.  $0.121606/$100 valuation for the Maintenance & Operations Tax Rate and $0.040250/$100 valuation for the Interest & Sinking Rate and direct staff to publish a Notice of the Proposed 2024 Tax Rate.

Public Hearing to be held on September 17, 2024.

Note: The vote of each Council Member on the proposed tax rate must be recorded.

Also, the Tax Rate must be adopted within 7 days of the Public Hearing and can be adopted at the same meeting.