Farmersville City Council had a busy week with special sessions held on Sept. 23 (budget approval) and Sept. 25 (tax rate adoption).
Legislation requires a city to approve a budget before setting the tax rate associated with it. Finance Director John Lawrence explained budget scenarios considering three different tax rates.
The budget proposed and unanimously passed by council was built upon the “no-new-revenue” rate of $0.827244 per $100 of appraised value. Legal counsel explained that while the budget had to be considered at that rate, the council could lower it at final adoption.
On Thursday, councilmembers considered the lowest tax rate scenario presented at $0.725 per $100 of appraised value, which was unanimously approved. The current total tax rate for the city is $0.676773 per $100, compared with $0.7124 in fiscal years 2022-23 and 2023-24.
By Cole McClendon
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