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The FY 2016-2017 Proposed Annual Program of Services, beginning October 1, 2016 and ending September 30, 2017 was submitted to the City Council on Friday, July 29, 2016. The City Council will review the budget and the property tax rate during the months of August and September. Formal adoption of the budget and the tax rate is scheduled for Thursday, September 15, 2016.
The FY 2016-17 proposed budget lowers the property tax rate from the prior year rate of $0.58489 to $0.58193 per $100 of valuation.
This budget will raise more total property taxes than last year’s budget by $887,605 or 9.26%, and of that amount $194,309 is tax revenue to be raised from new property added to the tax roll this year.
The City Council will conduct two public hearings on the proposed tax rate on Thursday, August 18, 2016 and September 1, 2016. Additionally, a public hearing on the proposed budget will be held on Thursday, September 1, 2016. All meetings will be held at a regular meeting at 7:00pm in the City of Corinth Municipal Chambers, 3300 Corinth Parkway, Corinth, Texas. Anyone wishing to speak FOR or AGAINST the proposed Fiscal Year 2016-2017 tax rate and Annual Budget is invited to attend the public hearings.
A comprehensive summary of the FY 2016-17 Budget, which includes total resources of $33,769,021 and expenditures of $32,834,025 is available on the City website or by clicking the link below.
FY 2016-17 Proposed Budget
2016 Notice of Proposed Tax Rate