Title
Ordinance - An Ordinance of the City of Mansfield, Texas, Levying the Ad Valorem Taxes for the Fiscal Year 2024 at a Rate of $0.659293 per One Hundred Dollars ($100.00) Assessed Valuation on all Taxable Property Within the Corporate Limits of the City as of January 1, 2023, 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 FY2024, setting the proposed tax rate at $0.659293.
Recommendation
Adopt the Ordinance setting the tax rate at $0.659293 for FY2024.
Description/History
Staff announced a proposed tax rate of $0.660000 to support the budget for Fiscal Year 2024 during a public hearing held on August 28, 2023. No citizen input was received, however, one council member requested that Finance look at reducing the rate further to $0.659293. Staff agreed that this tax rate could be imposed with minimal impact on the budget as presented. 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 $0.659293 tax rate is comprised of $0.223129 for Debt and $0.436164 for Operations and Maintenance.
Justification
Provide for the annual service program to the City of Mansfield, Texas for Fiscal Year 2024.
Funding Source
Ad Valorem Taxes
Prepared By
Troy Lestina, Chief Financial Officer
817-276-4258