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Council sets proposed tax rate below no-new-revenue figure and schedules budget hearings
Summary
Council set a proposed FY2026 tax rate (0.497841 per $100) that remains below the no-new-revenue and voter-approval rates after staff accounted for a corrected certified roll from Tarrant Appraisal District; two public hearings were scheduled and adoption placed on Sept. 8.
City finance staff told the council that the Tarrant County Appraisal District provided a corrected certified roll that slightly altered the city's "no-new-revenue" calculations; after recalculation staff said the proposed tax rate for fiscal year 2026 remains below both the recalculated no-new-revenue rate and the voter-approval threshold.
Trudy Lewis explained the change and said the line-item difference affected the truth-in-taxation worksheet (a corrected value in line 10 reduced an absolute value that earlier appeared larger in error). Chase (finance staff) presented the corrected worksheet and the three required comparative rates: the current adopted rate, the proposed rate (0.497841 per $100), the corrected no-new-revenue rate (0.498625), and the voter-approval rate (0.511490). Chase told council the corrected worksheet would be posted on the city's website the following day.
Council set two public hearings on the tax rate (Aug. 25 and Sept. 8) and scheduled adoption for Sept. 8; the motions passed unanimously. Staff emphasized that because the proposed rate is below the no-new-revenue rate the city is not required by state law to hold a public hearing, but staff recommended hearings to increase transparency.
Next steps: staff will publish the corrected truth-in-taxation worksheet and notices for the public hearings and proceed with the advertised budget- and tax-rate hearings on the scheduled dates.
