Page 62 - City of Westlake FY20 Budget

Section 1 Executive
Community Profile

DIRECT AND OVERLAPPING PROPERTY TAX RATE
Source: 2018 Town of Westlake Audit – Exhibit S-8

2012 2013 2014 2015 2016 2017 2018

TOWN DIRECT RATES
Ad Valorem Property Tax
General Fund 0.13835 0.14197 0.13710 0.13710 0.13947 0.12882 0.11133
Debt Service Fund 0.01849 0.01487 0.01796 0.01924 0.01687 0.00813 0.02482
SUB-TOTAL DIRECT 0.15684 0.15684 0.15684 0.15634 0.15634 0.13695 0.13615

OVERLAPPING RATES
School Districts
Carroll ISD 1.4150 1.4000 1.4000 1.4000 1.4000 1.3900 1.3850
Northwest ISD 1.3750 1.3750 1.4525 1.4525 1.4525 1.4525 1.4900
Keller ISD 1.5400 1.5400 1.5400 1.5400 1.5400 1.5200 1.5200

Counties
Denton County 0.2829 0.2829 0.2722 0.2722 0.2722 0.2484 0.2378
Tarrant County 0.2640 0.2640 0.2640 0.2640 0.2640 0.2540 0.2440

Other
Tarrant County College 0.1490 0.1490 0.1495 0.1495 0.1495 0.1447 0.1401
Tarrant County Hospital 0.2279 0.2279 0.2279 0.2279 0.2279 0.2279 0.2244
Trophy Club M.U.D. #1 0.1750 0.1334 0.1334 0.1334 0.1334 1.1272 0.1202

SUB-TOTAL INDIRECT 5.4287 5.3721 5.4395 5.4395 5.4395 6.3648 5.3615

TOTAL $5.58558 $5.52897 $5.59633 $5.59583 $5.59583 $6.50171 $5.49766

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

& POOR’S rating from AA+/stable to AAA. S&P Global Ratings views the outlook for this rating as
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; access to a broad and diverse metropolitan statistical area (MSA) but a concentrated local tax base

• Strong management; 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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