Title
Ordinance - An Ordinance of the City of Mansfield, Texas, Approving the Tax Rate, Levying the Ad Valorem Taxes for the Fiscal Year 2025 (Tax Year 2024) at a Rate of $0.645000 per One Hundred Dollars ($100.00) Assessed Valuation on all Taxable Property Within the Corporate Limits of the City as of January 1, 2024, to Provide Revenues for the Payment of Current Expenditures and to Provide an Interest and Sinking Fund on all Outstanding Debts of the City, and Providing for Due and Delinquent Dates Together with Penalties and Interest
Requested Action
Vote to Adopt the Tax Rate Ordinance for FY2025, setting the proposed tax rate at $0.645000.
Recommendation
Adopt the Ordinance setting the tax rate at $0.645000 for FY2025.
Description/History
Staff announced a proposed tax rate of $0.645000, which is lower than both the No-new-revenue tax rate and the Voter Approval tax rate, to support the budget for Fiscal Year 2025 during the regular City Council meeting held on August 26, 2024. The proposed rate represents a decrease to the current tax rate, and the proposed tax rate is lower than the Voter Approval Tax Rate; therefore, the City is not required to hold an election to seek voter approval of the tax rate. The $0.645000 tax rate is comprised of $0.223129 for Debt and $0.421871 for Operations and Maintenance.
Justification
Provide for the annual service program to the City of Mansfield, Texas for Fiscal Year 2025.
Funding Source
Ad Valorem Taxes
Prepared By
Troy Lestina, Chief Financial Officer
817-276-4258