Page 47 - Watauga FY21 Budget

BUDGET OVERVIEW

REVENUE DESCRIPTIONS, EVALUATIONS, AND PROJECTS

Revenues from all funds total $32.8
million in comparison to last year’s
$32.7 million. Property and Sales tax
make up 44% of all revenues,
followed by charges for services at
33% of all revenues.

The following information is a general
description of the major revenue
sources for the City of Watauga’s
major operating funds and the
assumptions used to project those
revenues for this budget. Most
projected revenues are based on
assumptions of historical data with
increases and decreases associated
with economic conditions and rate
changes. Revenue trend data is also
discussed in the City Manager
Budget Message and Budget-in-Brief
section of this document.

General Fund

Ad Valorem (Property) taxes – Ad Valorem taxes comprise about 46% of estimated
General Fund revenue in FY2020-2021. This includes current and delinquent tax
payments as well as penalties and interest. The City calculates its ad valorem tax rate
based on the certified appraisal roles provided by the Tarrant Appraisal District (TAD). A
combined tax rate is adopted each year by the
Watauga City Council (a) for the use and
support of the City's General Fund (referred
to as the maintenance and operations rate)
and (b) to finance the City's Debt Service
Fund (referred to as interest and sinking
fund) for payment of annual principal and
interest due on outstanding general
indebtedness.

The City of Watauga’s tax base stands at
76% residential value and 24%
commercial. The city’s tax base is the total
value of appraised value within the City
limits of Watauga.

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