Page 52 - Benbrook FY20 Approved Budget

CITY OF BENBROOK 2019-20 ANNUAL BUDGET

and Poor’s stated: “we believe management will likely maintain, what we consider, its strong finances, supported by strong financial practices;
we do think we will change the rating within the stable outlook’s two-year period since we believe major revenue streams remain relatively
steady while ongoing commercial development continues.” The rating also reflects Standard and Poor’s view of the City’s: inclusion in the
diverse Arlington-Fort Worth metropolitan statistical area with direct transportation access to Fort Worth; continued healthy property tax base
growth - including significant commercial growth; and strong financial management practices and, what Standard and Poor’s considers, very
strong general fund reserves.

As noted, the 2019-20 Budget does lower the City's property tax rate to $0.62777 per $100 valuation. The Budget provides for specific
services (building permits, licenses, zoning applications, ambulance services, and other permits and services) to be paid by the users of those
services through fees, permits, and service charges. Revenue collections from these fees are projected based on 2019-20 fee structures. Cost
recovery ratios are anticipated to remain constant.

Expenditures are funded at a level to maintain and/or improve the quality of service that has been provided to the public in the past.
Emphasis is still placed on maintaining a low ratio of employees to citizens by continually upgrading the quality of the work force and the
equipment needed to accomplish the required tasks.

FINANCIAL GOALS IN CORE VALUE STATEMENT

The Core Value Statement includes fifteen goals to insure financial stability. These goals are:

To continually strive to diversify the City’s tax base.

To conservatively estimate revenue receipts.

To fund core services through reliable, predictable revenue sources.

To predicate expenditures on need, not revenues.

To utilize additional revenue sources prudently.

To place a minimum of 70% of all future sales tax revenue increases in a separate fund for major, pay-as-you-go projects.

To set aside 100% of all proceeds derived from gas and oil land lease including lease bonus and royalties in a separate fund
for major, pay-as-you-go projects.

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