Page 62 - Honorable Mayor and Members of the City Council

In 2012, Standard and Poor’s raised its rating on the City of Benbrook’s general obligation debt to AA- from A+ based
upon the stable economic outlook. The upgrade reflects Standard and Poor’s assessment of the diversification of
Benbrook’s local economy, indicated by retail sector growth and recent property tax rate reductions, which, though
still somewhat high, are competitive for the region. Analysts at Standard and Poor’s stated: “we believe management
will likely maintain, what we consider, its strong finances, supported by strong financial practices; we do think we will
change the rating within the stable outlook’s two-year period since we believe major revenue streams remain relatively
steady while ongoing commercial development continues.” The rating also reflects Standard and Poor’s view of the
City’s: inclusion in the diverse Arlington-Fort Worth metropolitan statistical area with direct transportation access to
Fort Worth; continued healthy property tax base growth - including significant commercial growth; and strong financial
management practices and, what Standard and Poor’s considers, very strong general fund reserves.

As noted, the 2018-19 Budget does maintain the City's property tax rate at the 2017-18 rate of $0.6400 per $100
valuation. The Budget provides for specific services (building permits, licenses, zoning applications, ambulance
services, and other permits and services) to be paid by the users of those services through fees, permits, and service
charges. Revenue collections from these fees are projected based on 2018-19 fee structures. Cost recovery ratios are
anticipated to remain constant.

Expenditures are funded at a level to maintain and/or improve the quality of service that has been provided to the
public in the past. Emphasis is still placed on maintaining a low ratio of employees to citizens by continually upgrading
the quality of the work force and the equipment needed to accomplish the required tasks.

FINANCIAL GOALS IN CORE VALUE STATEMENT

The Core Value Statement includes fifteen goals to insure financial stability. These goals are:

To continually strive to diversify the City’s tax base.

To conservatively estimate revenue receipts.

To fund core services through reliable, predictable revenue sources.

To predicate expenditures on need, not revenues.

To utilize additional revenue sources prudently.

CITY OF BENBROOK 2018-19 ANNUAL BUDGET
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