Page 154 - City of Westlake FY20 Budget

Section 3
General Fund Overview

The breakout for general operations is $0.11453 and generates approximately $1.6M, while the portion for
debt service is $0.04565 and results in approximately $655K for our debt obligations.
• 2011 Certificates of Obligation payment for FY 18/19 FY19/20
street projects of $119,756 Adopted Adopted Change
• 2013 General Obligation Refunding payment Tax Rate Tax Rate Amount
of $171,465 for the Sam and Margaret Lee M&O $ 0.13201 $ 0.11453 $(0.01748)
Arts & Science Center construction I&S 0.02399 0.04565 $ 0.02166
• 2013 Certificates of Obligation payment for Total $ 0.15600 $ 0.16018 $ 0.00418
the Westlake Academy construction
expansion of $364,621.

This budget will raise more revenue from property taxes than last year’s adopted budget by an amount of
$430,534, which is a 23.02 percent increase from last year’s budget.

As can be seen by the chart below, Westlake’s ad valorem tax rate remains one of the lowest in the
immediate area as well as the state.

Based on July 2019 certified
values, the Town’s “net taxable
value” increased by $154,432,477
over the prior year adjusted
information for FY18-19

This is attributable to
• 19% residential increase
• 36% commercial increase
• 13% personal increase

Westlake’s property values have increased appreciably over time, as shown in the chart below.

The difference between assessed value and taxable
value is due to values related to the Town’s homestead
and other exemptions. State law requires a taxing unit to
calculate two rates after receiving its certified appraisal
roll – the effective tax rate and the rollback tax rate.

The effective rate is the rate that will generate the same
amount of property tax dollars as the previous year,
excluding new construction and annexations, when the
two years are compared.
Council has instituted various policies that allow

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