Page 16 - Grapevine FY20 Approved Budget

SUMMARY:

I am confident that this budget continues to lay a firm foundation for a sound financial future. In
the last ten years, the city’s tax base (net taxable value) has increased by $3.45 billion, an average
annual growth rate of 5.9%. With
the new development projects that
are underway, we expect the City’s
NTV to continue to grow in the
near future. Grapevine has worked
hard over the last 20 years to truly
become a “destination” city.

Since 1996, the year before
Grapevine Mills mall opened, we
have lowered the property tax rate
from 42.5 cents to 28.4271 cents
while maintaining and expanding
existing services, and adding new and enhanced services, while maintaining a strong fund balance.

Throughout the upcoming year, we will continue to monitor and evaluate the City’s priorities and
allocate resources appropriately so that we continue to deliver a positive program of operations for
the City. Our Budget and Finance staff will continue to analyze and evaluate financial data and
submit quarterly financial reports to Council. If there are significant changes in the City’s financial
condition, we will prepare and submit a mid-year budget report with proposed alternative
strategies.

Sincerely,

Greg Jordan Bruno Rumbelow
Chief Financial Officer City Manager

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