The Texas City City Commission on Wednesday voted unanimously to adopt the city's FY2013 Budget.
The budget projects total General Fund revenues of $45,321,003, including general property taxes, other taxes, license and permit fees, charges for services, and other revenues.
Expenditures in the General Fund are anticipated to total approximately $44,955,888, leaving an excess of revenues of $365,115. Proposed Budget
The city commission voted to ratify a tax increase reflected in the budget. The city commission is proposing to continue with its current tax rate, $0.4250 per $100 property valuation, through 2012. While the rate is not increased, the city will draw $1,112,009, or 5.36 percent, in additional revenues when compared to the previous year. Of that, $56,728 is due to new property added to the tax roll this year, with the remainder coming from increased values for existing property.
A second public hearing was held regarding the tax rate during the meeting. Formal adoption of the 2012 tax rate will be considered at the next meeting.
The city commission voted to amend the city's FY2012 Budget to appropriate funds for a windstorm insurance fund.
The new fund will be for the city to fund self-insurance for windstorm damages. A total of $750,000 was appropriated from undesignated fund balance to the new fund.
The city commission voted to accept an application from Ashland, Inc. for a tax abatement.
The company is considering construction of a new $19.5 million facility to increase production of a chemical used in pharmaceuticals and food products. A public hearing will be held on the abatement on September 19.
All items were approved. All votes were unanimous with commissioners Mike Land and Dedrick Johnson, Sr. absent. Agenda