Page 61 - FY 2020-21 Budget Cover.pub

GENERAL FUND – IN BRIEF

REVENUES

The General Fund budget, as amended and approved by the City Council, provides for
estimated revenues of $11,220,381 during FY 2020-21. This reflects an increase of $349,156
(3.21%) over the adopted FY 2019-20 budget. The majority of General Fund revenue is
comprised of the various taxes levied by the City, totaling 79.7% of all fund revenue. This year’s
General Fund ad valorem tax levy is projected to be $5,972,049, which is an increase of
$332,834 (5.9%) over last year’s budgeted levy and is derived from a net taxable value of
$1,019,044,457. This is the first time in the City’s history that the net taxable value has
exceeded $1,000,000,000. Because the City of Azle lies in both Tarrant County and Parker
County, the net taxable value is determined by the Tarrant Appraisal District and the Parker
County Appraisal District. Each district provides a certified tax roll to the City on or around July
25 each year. Net taxable values increased $45,668,526 over the 2019 values and well over
th
half of the increase (61.04%) is attributable to new construction totaling $27,878,218. The City’s
adopted tax rate of $0.657204 per $100 is equal to the FY 2019-20 adopted tax rate. This
year’s rate is $0.019454 above the no-new-revenue tax rate and is $0.008967 above the voter-
approval tax rate. However, the rate is $0.020584 below the de minimis tax rate and, therefore,
does not require voter approval. The chart below is a graphical representation of the taxable
value of all property in the City of Azle since 2015.

Sales tax revenue is estimated at $2,200,000 in FY 2020-21, which is an increase of $100,000,
or 4.76%, over the adopted FY 2019-20 budget. This increase is projected based on recent
trends in sales tax collections. Even during the COVID-19 pandemic, sales tax collections have
been robust. However, the projected increase is conservative and recognizes that sales tax
collections may dip as a result of strained economic conditions. The next chart is a graphical
representation of sales tax collections since FY 2012-13. With the exception of FY 2016-17,
sales tax collections in the City of Azle have steadily increased over the last seven years.

City of Azle 2020-2021 Budget 50