City of Murphy 206 N. Murphy Road Murphy, Texas 75094 972/468- 4011 972/468-4012 fax anemer@murphytx.org Contact: Aimee Nemer, City Secretary

Press Release

For Immediate Release
August 19, 2008

City to conduct 2nd Public Hearing on
FY09 Budget and Proposed Tax Increase
 

Murphy, TX – The City of Murphy will conduct a second public hearing on Tuesday, September 2nd at 6:00 p.m. regarding the proposed FY09 Budget and the proposed tax rate of $0.5183 per $100 valuation.

City Staff is requesting City Council to consider a $.0.05 tax increase to the current tax rate of $0.4683 for a FY09 tax rate of $0.5183. This increase would generate $703,000 in new tax revenues for the City. The owner of a home valued at $350,000 would pay approximately $1,814 in taxes, an increase of $175. This request is needed to offset the loss of revenues in permits and licenses and lower than anticipated sales tax revenues. The FY09 effective rate is $0.454544, while the roll back rate is $0.465989.

The proposed FY09 budget is currently available on the City’s website at www.murphytx.org. A more detailed budget will be available on the website Monday, August 25th. The complete budget is also available for viewing in the City Secretary’s office located at City Hall during the hours of 8 a.m. to 5 p.m. Monday through Friday.

The hearings will take place Tuesday, September 2nd at City Hall, Council Chambers, 206 N. Murphy Road, 75094. The first public hearings were held August 18, 2008. The vote on the proposed budget and tax rate will take place on Monday, September 15, 2008 at City Hall. Citizens are encouraged to contact City Manager James Fisher at 972/468-4007 or Finance Director Linda Truitt at 972/468-4119 to answer questions regarding the proposed budget or proposed tax rate.

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