Page 431 - Hurst FY19 Approved Budget

• In 2012-2013 $7.83 million of General Obligation bonds were refunded
resulting in approximately $226,000 in savings for the General Debt Service
Fund.
• During 2014-2015, $4.915 million of General Obligation bonds were refunded
resulting in approximately $261,674 in savings for the General Debt Service
Fund. The City issued a total of $3 million in debt for Public Works projects
such as the continual widening and development of Pipeline Road, as well as,
miscellaneous Water and Sanitary Sewer Replacements.
• During 2015-2016, most of the 2008 debt issued was refunded in the amount
of $12.555 million were refunded resulting in approximately $2.1 million in
savings for the General Debt Service Fund, Enterprise Fund, Hotel/Motel Fund,
and Half-Cent Community Services Fund. The City issued a total of $5.4 million
in debt for Community Services projects such as the renovation of Central
Aquatics Center and the Roof Repair at the Recreation Center.
• During 2016-2017, the city issued tax notes in the amount of $1.18 million for
the purchase of a new 100 foot ladder truck for Fire.

The Capital Improvements Program as of October 1, 2017, identifies short and long-term
unfunded bond issue needs. The focus for future budget sessions will be on phasing
in portions of the unfunded capital program, completing voter approved projects and
adapting bond issuance to the infrastructure needs and financial position of the City.

The total property tax rate and the portion of the rate allocated to debt service have
remained relatively stable over the past ten years. New commercial and residential
development, combined with net increases in appraised values of existing properties
have increased property tax revenues over the last ten years, allowing the City to grant
tax relief (e.g., maximum homestead exemption and senior and disabled tax ceiling)
while at the same time collecting sufficient revenue to fund enhancements in operations
and capital expenditures. In FY 2010-2011, due to declining property values, the City
approved a debt tax rate that was 6% higher than the 2010 rate. In fiscal year 2012-
2013, the tax rate increased just over 3 cents from $.578 to $.6084978 to support the
issuance of voter Approved General Obligation debt. The tax rate for fiscal year 2013-
2014 remained the same as the previous year at $.6084978. Due to the growth in values,
the City adopted a tax rate decrease of approximately a quarter cent for fiscal year
2014-2015, which will put the tax rate at the same level as 1992 at $.606. In 2015-2016,
council adopted a tax rate equal to the effective rate of $.61056. In fiscal year, 2016-
2017 council adopted a tax rate above the effective rate but just below the roll back rate
at $.5879. In fiscal year 2017-2018 council adopted a tax rate equal to the rollback rate
of $.58094 and is higher than the effective rate of $.54840. For fiscal year 2018-2019,
council adopted a tax rate of $.58 which is a slight decrease from the prior year.

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