Page 5 - Ord 866 Adopting a revised Fiscal Year 17-18 and new proposed Fiscal Year 18-19 budget

PROPERTY TAX VOTE

TOWN OF WESTLAKE
FISCAL YEAR 2018-2019 ANNUAL BUDGET

This budget will raise more revenue from property taxes than last year’ s adopted
budget by approximately $ 272,358 ( does not include any prior year payments and
penalties), which is a 17.10% increase from last year's budget. The property tax
revenue to be raised from new property added to the tax roll this year is $ 50,499.

TOWN COUNCIL RECORD VOTE
The members of the governing body voted on the proposal to consider the budget as
follows:

FOR: Alesa Belvedere
Carol Langdon
Rick Rennhack
Wayne Stoltenberg
Michael Barrett

AGAINST: None

PRESENT but abstained from Voting: None

ABSENT: None

PROPERTY TAX RATE COMPARISON
Adopted Adopted
Tax Rate FY 17/ 18 FY 18/ 19
Property Tax Rate $ 0.13615/ 100 $ 0.15600/ 100

Effective Tax Rate $ 0.13615/ 100 $ 0.13551/ 100
Effective Maintenance & Operations Tax Rate $ 0.12899/ 100 $ 0.11152/ 100
Debt Rate $ 0.02482/ 100 $ 0.02399/ 100
Rollback Tax Rate $ 0.17252/ 100 $ 0.15618/ 100

MUNICIPAL DEBT OBLIGATIONS
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.

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