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Terrell presents FY2026 budget with proposed tax rate of 76.42¢; public hearing set, tax vote moved to Aug. 29
Summary
Interim City Manager Mark Mills proposed keeping Terrell's tax rate at 76.42 cents per $100 valuation to fund the FY2026 budget, detailed staffing and compensation options that could add as much as $1.3 million in the coming year, and said the formal tax-rate vote will be held at a separate Aug. 29 meeting.
Interim City Manager Mark Mills told the Terrell City Council on Aug. 26 that staff is presenting a FY2026 budget built on a proposed tax rate of 76.42 cents per $100 of taxable value, down from the 81-cent notice published for the required legal advertisement. "I am pleased to tell you that we actually will be presenting you a budget this evening that is based on a tax rate of 76.42¢," Mills said.
Mills said the rate is split roughly 58.4 cents for maintenance and operations and about 18 cents for interest and sinking (I&S). He said fully funding principal and interest would require an I&S rate of about 19.29 cents, and the budget uses about $266,000 of I&S fund balance to lower the I&S portion to 18…
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