Page 54 - Ord 866 Adopting a revised Fiscal Year 17-18 and new proposed Fiscal Year 18-19 budget

Section 1 Executive
Community Profile

DIRECT AND OVERLAPPING PROPERTY TAX RATE
Source: 2017 Town of Westlake Audit

2013 2014 2015 2016 2017

TOWN DIRECT RATES
Ad Valorem Property Tax
General Fund $ 0.14197 $ 0.13888 $ 0.13710 $ 0.13710 $ 0.12882
Debt Service Fund 0.01487 0.01796 0.01924 0.01924 0.00813
SUB- TOTAL DIRECT 0.15684 0.15684 0.15634 0.15634 0.13695

OVERLAPPING RATES
School Districts
Carroll ISD 1.40000 1.40000 1.40000 1.40000 1.39000
Northwest ISD 1.37500 1.45250 1.45250 1.45250 1.45250
Keller ISD 1.54000 1.54000 1.54000 1.54000 1.52000

Counties
Denton County 0.28287 0.28491 0.27220 0.27220 0.24841
Tarrant County 0.26400 0.26400 0.26400 0.26400 0.25400

Other
Tarrant College 0.14897 0.14950 0.14950 0.14950 0.14473
Tarrant Hospital 0.22790 0.22790 0.22790 0.22790 0.22790
Trophy Club Mud #1 0.13339 0.13339 0.13339 0.13339 1.12722

SUB-TOTAL INDIRECT 5.37213 5.45220 5.43949 5.43949 6.36476

TOTAL $ 5.52897 $ 5.60904 $ 5.59583 $ 5.59583 $ 6.50171

STANDARD In January 2017, Standard & Poor's Ratings Services has recently increased the Town's

rating from AA+/stable to AAA. S& P Global Ratings views the outlook for this rating as
POOR’ S stable. The upgrade reflects their assessment of the town's historically very strong finances

RATING SERVICES and implementation of a property tax levy, which has further strengthened finances and
lessened the operating fund's reliance on the somewhat volatile sales tax revenue stream.

The rating reflects their opinion of the town' s:
Very strong economy, with access to a broad and diverse metropolitan statistical area (MSA) but a concentrated local tax base
Strong management, with good financial policies and practices under our Financial Management Assessment methodology
Strong budgetary performance, with operating surpluses in the general fund and at the total governmental fund level
Very strong budgetary flexibility, with a high available fund balance of 100% of operating expenditures
Very strong liquidity, with total government available cash at 81.7% of total governmental fund expenditures and 7.4x
governmental debt service, and access to external liquidity that we consider strong
Strong institutional framework score

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