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

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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