What you need to know
Before setting the FY 2025-26 budget and tax rate, City Council must adopt a resolution setting the maximum ad valorem tax rate for the city.
According to the agenda, the council will consider setting the maximum rate at the current tax rate of $0.2853 per $100 of assessed value.
Following approval of the resolution, City Council will still need to schedule public hearings for the budget and tax rate, and the property tax rate must be adopted before Sept. 30 or by the 60th day after the city received the certified appraisal roll, whichever is later.
Alongside the tax rate resolution, council will consider the approval and publication of a notice of intention to issue Certificate of Obligation bonds for water and wastewater projects.
The City Council, on July 17, authorized the sale of bonds for $7.93 million. Bids are planned to be opened Aug. 7.
The sale of bonds is expected to increase the water debt service fee from $23.85 in FY 2024-25 to $23.89 in FY 2025-26, and the wastewater debt service fee from $17.03 to $16.91, according to the meeting agenda.
Also on the agenda
City Council will consider amendments to the Post Oak development agreement. Amendments listed in the agenda are as follows:
- Adds definitions: developer, owner and impact fee
- Standardizes 90-day deadlines across applicable provisions
- Revises the lot frontage requirements to allow for a curvilinear development while retaining a 1-acre minimum lot size
- Modifies drainage standards to address conflicts of the current Unified Development Code. This will also be addressed in the next update to the UDC
- Reduces the total development from 278 single-family lots to 227 lots in all applicable provisions and exhibits
- Clarifies the Development Agreement and the Utility Services Agreement to confirm that: impact fees are assessed at plat recording and are distinct from water capacity, and fees are due at the time of building permit issuance
