City adopts tax rate, budget for fiscal year

On Sept. 8, the city of Teague officially adopted its annual tax rate and budget for the 2020-21 fiscal year during a called meeting of the Board of Aldermen.

The Aldermen voted unanimously, 4-0, to adopt a budget with a voter-approval property tax rate of $0.627920 per $100 valuation, nearly a 15-cent decrease from the 2019-20 fiscal budget. The budget will raise less revenue from property taxes than last year’s budget by an amount of $192,921.01, which is a 19 percent decrease. The property tax revenue to be raised from new property this year is $12,253.83. There is no amount of city debt obligation secured by property taxes for 2020-21.

On the budget document, available to view on the city’s website, includes the following mission statement for the city:

“It is the mission of the City of Teague to make Teague a comfortable, well-rounded place to live and work by setting pro-active and progressive goals and assuring their implementation through the delineation of specific tasks for City supported agencies, programs and staff.”

To read more please log in or subscribe to the digital edition https://etypeservices.com/Teague%20ChronicleID677/