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Home My WebLink AboutPACKET SEP 11 2008 SPECIAL MEETING RICH WITH OPPORTUNITY BEA,UMON* T • E • X • A • S SPECIAL MEETING OF THE CITY COUNCIL COUNCIL CHAMBERS SEPTEMBER 11,2008 6:00 P.M. AGENDA CALL TO ORDER * Invocation Pledge Roll Call WORKSESSION * Review and discuss the proposed FY 2009 Budget Review and discuss the proposed FY 2009 Capital Program * Review and discuss the 2008 (FY 2009) proposed Tax Rate PUBLIC HEARING * Receive comments on the proposed FY 2009 Budget, proposed FY 2009 Capital Program and the 2008 (FY 2009) proposed Tax Rate COMMENTS * Councilmembers/City Manager comment on various matters * Public Comment(Persons are limited to 3 minutes) Persons with disabilities who plan to attend this meeting and who may need auxiliary aids or services are requested to contact Lenny Caballero at 880-3716 three days prior to the meeting. WORKSESSION * Review and discuss the proposed FY 2009 Budget * Review and discuss the proposed FY 2009 Capital Program * Review and discuss the 2008 (FY 2009) proposed Tax Rate PUBLIC HEARING * Receive comments on the proposed 2008 (FY 2009) proposed Tax Rate, proposed FY 2009 Budget and proposed FY 2009 Capital Program RICH WITH OPPORTUNITY BEAUMON* T • E ,, x • A • s City Council Agenda Item TO: City Council FROM: Kyle Hayes, City Manager PREPARED BY: Laura Clark, Chief Financial Officer MEETING DATE: September 11, 2008 REQUESTED ACTION: Council to hold a joint public hearing on the 2008 (FY 2009) proposed Tax Rate, proposed FY 2009 Budget and proposed FY 2009 Capital Program. RECOMMENDATION Administration recommends that Council hold a joint public hearing, as scheduled, on the 2008 (FY 2009)proposed'Tax Rate of$0.64,the proposed FY 2009 Budget and the proposed FY 2009 Capital Program. In accordance with the Property Tax Code, the Council must make the following announcement: The meeting to vote on the tax rate will be held on September 16,2008 at 1:30 p.m. in the Council Chambers. BACKGROUND The proposed FY 2009 Budget was submitted to Council on August 12, 2008. The proposed FY 2009 Capital Program was originally submitted on May 13,2008. On August 12,2008,the proposed FY 2009 Capital Program was submitted with revisions. The notice of the public hearing on the Budget and the Capital Program was published on August 25, 2008. Due to Hurricane Gustav, the meeting was rescheduled to September 11, 2008 and the required notice was published on September 4, 2008. Chapter 26 of the Property Tax Code requires taxing units to comply with truth-in-taxation laws in adopting their tax rate. Two public hearings are required if the proposed tax rate exceeds the lower of the effective tax rate or the roll back tax rate. A Notice of Public Hearing on Tax Increase is required to be published in the newspaper, on the city website, and on a television channel, if available. The required notice was published in the newspaper on August 19, 2008 and August 25, 2008. Due to Hurricane Gustav, the meeting was rescheduled to September 11, 2008 and the required notice was published on September 5, 2008. The notice is also on the website and cable channel 4 as required. Although there is a proposed decrease in the tax rate of$0.014,the increase is related to an increase in appraised property values. BUDGETARYIMPACT The proposed FY 2009 Budget appropriations for all funds,net of a contingency,total$221,749,133. In the proposed FY 2009 Capital Program, projects in the design or construction phase total $458,458,000 and include $355,470,000 in Public Works and General Improvements projects and $102,988,000 in Water and Sewer projects. Projects in the planned phase total$100,936,000 which includes $84,060,000 in Public Works projects and $16,876,000 in Water and Sewer projects. The total capital program costs for all projects in the design or construction phase and the planned phase is$559,394,000. Applying the proposed tax rate of$0.64 and a 97%collection rate,budgeted revenues of$26,651,000 and$12,659,000 respectively to the General and Debt Service Funds are anticipated. The total rate of$0.64 is apportioned$0.433897/$100 assessed valuation to the General Fund and$0.206103/$100 assessed valuation toward the Debt Service Fund.