Page 21 - Ord 866 Adopting a revised Fiscal Year 17-18 and new proposed Fiscal Year 18-19 budget

Section 1 Executive
Transmittal Financials

GENERAL FUND REVENUES

Evaluating the budget within the context of a long-term forecast is important as it shows
whether we are on the right road financially in FY 2018-19.

FY 17-18 FY 18-19 FY 19-20 FY 20-21 FY 21-22 FY 22-23
Estimated Adopted Projected Projected Projected Projected
Total Revenues 9,304,946 12,313,609 9,581,327 9,766,546 10,146,508 10,407,058
Total Expenditures ( 10,330,613) ( 12,064,992) ( 11,130,004) ( 11,055,456) ( 11,087,180) ( 11,256,827)
NET CHANGE TO FUND
1,025,667) 248,618 ( 1,548,677) ( 1,288,910) ( 940,672) ( 849,769)
BALANCE (
Beginning Fund Balance 10,242,277 9,216,610 9,465,228 7,916,551 6,627,641 5,686,969
Ending Fund Balance 9,216,610 9,465,228 7,916,551 6,627,641 5,686,969 4,837,200
Restricted/ Committed/ Assigned 304,504 304,504 304,504 304,504 304,504 304,504
Unassigned Ending Balance 8,912,106 9,160,724 7,612,047 6,323,137 5,382,465 4,532,696
Operating Expenditures 9,270,948 9,543,216 9,935,220 10,022,424 10,156,770 10,326,417
Operating Cost per Day 25,400 26,146 27,220 27,459 27,827 28,292
Operating Days 351 350 280 230 193 160

GENERAL SALES AND USE TAX
Budgeted to be $3,900,000. This reflects an 11% increase of $389,500 when compared

to prior year estimates primarily due to a 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.

AD VALOREM PROPERTY TAX
This Town has assessed a property tax since FY2011-12. The ad valorem tax rate per $100 of
assessed valuation is proposed to increase by $0.01985 for the FY 2018- 19 to the proposed
tax rate of $.15600 ( just under the calculated
rollback rate of $.15618). FY 17/ 18 FY 18/ 19
Adopted Adopted Change
As a reminder, the effective tax rate is the total tax Tax Rate Tax Rate Amount
rate calculated to raise the same amount of M&O $ 0.11133 $ 0.13201 $ 0.02068
property tax revenue for the Town from the same
I&S $ 0.02482 $ 0.02399 $ ( 0.00083)
properties.
0.13615 $ 0.15600 $ 0.01985

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