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File #: 22-4873    Version: 1 Name: Ordinance - An Ordinance of the City of Mansfield, Texas, Levying the Ad Valorem Taxes for the Fiscal Year 2022 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 o
Type: Ordinance Status: Passed
File created: 8/30/2022 In control: City Council
On agenda: 9/12/2022 Final action: 9/12/2022
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
Sponsors: Troy Lestina
Attachments: 1. Ordinance

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