Title
Ordinance - An Ordinance of the City of Mansfield, Texas, Levying the Ad Valorem Taxes for the Fiscal Year 2023 at a Rate of $0.68000 Per One Hundred Dollars ($100.00) Assessed Valuation on all Taxable Property Within the Corporate Limits of the City as of January 1, 2022, to Provide Revenues for the Payment of Current Expenditures and to Provide an Interest and Sinking Fund on all Outstanding Debts of the City; Providing for Due and Delinquent Dates Together with Penalties and Interest; and Declaring an Effective Date
Requested Action
Vote to Adopt the Tax Rate Ordinance for FY 2023, setting the proposed tax rate at $0.68000.
Recommendation
Adopt the Ordinance setting the tax rate at $0.68 per $100 of Assessed Value for the fiscal year 2023.
Description/History
Staff announced a proposed tax rate or $0.6800 per $100 of assessed valuation on all taxable property to support the budget for the Fiscal Year 2023 during a public hearing on August 22, 2022. The proposed tax rate represents a $.01 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 $0.6800 tax rate is comprised of $0.464434 for Operations and Maintenance and $0.215566 for Interest and Sinking (Debt).
Justification
Provide the annual service program for the City of Mansfield, Texas for Fiscal Year 2023.
Funding Source
Citizens of Mansfield
Prepared By
Troy Lestina, Chief Financial Officer
817-276-4258