Page 138 - Ord 866 Adopting a revised Fiscal Year 17-18 and new proposed Fiscal Year 18-19 budget

Section 3
General Fund Overview

REVENUES AND OTHER SOURCES
Revenues and other sources are budgeted to be $12,313,609.
This represents a 32% increase of $3,008,663 from prior year estimated.

General Sales and Use Tax
Budgeted to be $3,900,000; an 11% increase of $389,500; prior year estimated.
o Increase due primarily to economic development agreement.
o Sales taxes are collected on the sale of goods and services within the
Town as authorized by the State of Texas.
o The maximum sales tax allowed in the State of Texas is 8.25% per dollar on
all taxable goods and services. 6.25% per dollar is kept by the State;
municipalities receive a maximum of 2%. Funds are collected by the
Texas Comptroller of Public Accounts and remitted to the Town monthly.
o An amount equal to 1.50% of taxable sales is appropriated to the Town’ s
General Fund. This total includes . 50% that is received for property tax
reduction.
o The Town also receives an additional . 50% sales tax that is recorded in the
4B Economic Development Corporation Fund.

Property Tax
Budgeted to be $1,733,356; a 31% increase of $408,231 from prior year estimated.
o Total Tax rate increase from $0.13615 to $0.15600 per $100 valuation

Beverage Tax
Budgeted to remain flat at $62,500
o The Town collects a 14% gross receipt tax on mixed beverages.
o Of this percentage, 10.7% of gross liquor receipts are remitted to the Town,
and the remaining 3.3% is retained by the State of Texas.

Franchise Taxes
Budgeted to remain flat at $983,815
o Fees are collected from utilities and telecommunications companies that
use Town right-of-way.
o A flat rate is charged to both telephone operators ( adjusted annually)
and Tri-County Electric based on the number of access lines and services
rendered, respectively.

Permits and Fees Other
Budgeted to remain flat at $263,303
o Include fees charged by the Town for gas wells, EMS revenues, review and
renewal fees, developments fees and contractor registration fees.

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