Page 22 - Ord 866 Adopting a revised Fiscal Year 17-18 and new proposed Fiscal Year 18-19 budget

Section 1 Executive
Transmittal Financials

This budget will raise more revenue from property taxes than last year’s adopted budget by
approximately $272,358 which is a 17.10% increase from last year's budget. The property tax
revenue to be raised from new property tax roll this year is $ 50,499.

The total debt obligation secured by property taxes for various projects totals $287,699.
2011 CO payment for street projects of $117,796
2013 GO Refunding payment of $169,903 for Arts & Science Center construction. The debt
payment for the Science Center was originally paid from the Visitors Association Fund.

Based on July 2018 certified values, the Town’ s “ net taxable value” increased by
68,089,024 over the prior year adjusted information for FY 17-18.

This is attributable to
11% increase in residential
1% increase in commercial
3% increase in personal

VISITOR ASSOCIATION FUND REVENUES

Hotel Occupancy Taxes are obtained through the assessment of a 7% hotel occupancy tax.
Authority granted by the State of Texas allows cities to levy a tax not to exceed 7% of the
rental rate for a hotel/ motel room. Funds generated by the occupancy tax may be used in a
manner that directly enhances and promotes tourism and the convention and hotel industry.

Additionally, because Westlake has broader statutory authority under State law than most
cities to spend hotel/ motel occupancy tax funds for any municipal purpose, the Town has
used these funds to cover costs of various municipal operational costs and capital projects ( an
example would be payment of a portion of the debt service for Westlake Academy related
bonds).

Total revenues are budgeted to be $843,895
This represents a 0.5% increase of $4,550 from prior year estimated revenues.

UTILITY FUND REVENUES

Utility Fund revenue is primarily comprised of fees for water and wastewater service. The fund
also receives a small portion of its revenue through tap fees and interest income, and currently
serves as a mechanism for collecting and distributing debt service and impact fees.

Total revenues and other sources are budgeted to be $7,522,501
This represents a 53% increase of $2,606,326 from prior year estimated revenues.

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