Page 16 - Grapevine Budget FY21
P. 16
FINANCIAL OVERVIEW
The FY21 budget sets forth the City’s financial plan for the upcoming fiscal year, and allocates
resources accordingly. With the opening up of Texas in relation to COVID-19 restrictions, the
restaurant and tourism business is expected to rebound. Thus, city officials are “cautiously
optimistic” regarding FY21 revenues, most notably sales and use taxes.
Total revenue, which encompasses all operating funds, is projected at $184,192,182 and represents
a 3.5% increase from the FY19 budget.
Taxes represent the largest revenue stream,
and are projected at $107 million in FY20,
an increase of 8.25%. Growth in both
Sales and Use taxes (10%) and Ad
Valorem property taxes (8%) represent the
majority of the increase.
The Ad Valorem (property tax) rate for
FY21 is $0.282621, and represents a ½-
cent reduction from the prior year. A 6.4%
increase in the net taxable value of all
property within the city has allowed us to
reduce the tax rate while not impacting
service levels.
Grapevine continues to have the lowest property tax rate in the area as the following chart
illustrates.
Total Tax Rate
8
