Page 289 - Hurst Budget FY21

• During 2016-2017, the city issued tax notes in the amount of $1.18 million for the purchase
of a new 100-foot ladder truck for Fire.
• During 2018-2019, the city issued $7.5 million in voter approved GO Bonds for the
construction of a new Animal Control Center. The city also issued $2 million in certificates of
obligation for infrastructure improvements.
• In 2020, Public Property Finance Contractual Obligations were used for a new Fire Engine.

The total property tax rate and the portion of the rate allocated to debt service have remained
relatively stable over the past ten years. New commercial and residential development, combined
with net increases in appraised values of existing properties have increased property tax revenues
over the last ten years, allowing the City to grant tax relief (e.g., maximum homestead exemption
and senior and disabled tax ceiling) while at the same time collecting sufficient revenue to fund
enhancements in operations and capital expenditures. In FY 2010-2011, due to declining property
values, the City approved a debt tax rate that was 6% higher than the 2010 rate. In fiscal year 2012-
2013, the tax rate increased just over 3 cents from $.578 to $.6084978 to support the issuance of
voter approved General Obligation debt. The tax rate for fiscal year 2013-2014 remained the same
as the previous year at $.6084978. Due to the growth in values, the City adopted a tax rate decrease
of approximately a quarter cent for fiscal year 2014-2015, which will put the tax rate at the same
level as 1992 at $.606. In 2015-2016, council adopted a tax rate equal to the effective rate of
$.61056. In fiscal year, 2016-2017 council adopted a tax rate above the effective rate but just below
the roll back rate at $.5879. In fiscal year 2017-2018 council adopted a tax rate equal to the rollback
rate of $.58094 and is higher than the effective rate of $.54840. In fiscal year 2018-2019, council
adopted a tax rate of $.58 which is a slight decrease from the prior year. In fiscal year 2019-2020,
council adopted a tax rate of $.597299. For fiscal year 2020-2021 council adopted a tax rate of
$0.625159.

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