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City Council Meeting Minutes May 18, 2021 <br />• City's Current Exemptions <br />• City Comparison <br />• Tax Ceiling Analysis <br />• Scenarios <br />• Next steps <br />After discussion Council provided consensus to increase the over 65 exemption by <br />$10,000 to $35,000. This would save the homeowner $59.30 annually and it would <br />reduce the general fund by $118K. <br />Council provided consensus to move forward with implementing a $15K Homestead <br />Exemption. This would save the homeowner $88.95 annually and would reduce the <br />general fund by $559K <br />Council provided consensus to not move forward with a Senior Tax Ceiling. There will <br />be no impact to Tax Year 2020 but as assessed values increase there would be <br />incremental savings to homeowner. There will no impact to Tax Year 2020 but as <br />assessed values increase there would be a reduction in revenue to the General Fund. <br />Council Member Baker suggested a staff member or contractor assist with navigating <br />the appraisal protest process for their properties. Mayor Hughson mentioned the Hays <br />CAD could consider providing a video on how to pull data from the HaysCAD.com <br />website that could be presented to citizens to help assist with the process. <br />Council provided consensus to move forward and have staff to look into the library as <br />a training site and to ensure the training is also in Spanish. <br />2. Receive a Staff presentation and hold discussion regarding the Fiscal Year 2020-2021 <br />Financial Update and preliminary Fiscal Year 2021-2022 Budget and CIP, and provide <br />direction to Staff. <br />Bert Lumbreras, City Manager, provided an update and stated the information provided <br />is a financial update as the budget process for next year is initiated. Mr. Lumbreras stated <br />given the uncertain economic future and lack of a certified tax roll, the presentation <br />focuses on the current status and revenue projections. Staff will continue to develop the <br />proposed budget and there will be additional opportunities over the next few months for <br />Council to provide direction. Mr. Lumbreras mentioned as work continues on next year's <br />budget, staff will remain committed to delivering core public services to the community, <br />while also being mindful of population growth. The approach to the budget is very <br />conservative, considering the ongoing economic uncertainty, revenue constraints, and the <br />needs requested by departments. Mr. Lumbreras stated the City was awarded funding <br />City of San Marcos Page 2 <br />