Page 15 - Westworth Village FY21 Budget

15

GENERAL FUND

The city uses a conservative approach to budgeting both revenue and expenses, as we are
unable to predict when the pandemic will end or the long-term effects it will have to both
commercial businesses and local growth. The two major sources of revenue for the General
Fund are ad valorem and general sales taxes, making up approximately 60% of the total
revenue. The remaining revenue is generated from franchise fees, permit fees, and court fines
and fees.

• Sales tax revenue is dependent on the goods and services sold at Westworth Village
businesses, and are affected by our local retailer’s successes and failures, area
workforce stability, and the overall stability in the US market. The sales tax in Tarrant
County is 8.25%, of which two cents of every sales dollar goes to Westworth Village. One
cent is used as revenue in the General Fund, ½ cent is used to fund CCPD, ¼ cent for
the Street Fund, and ¼ cent for Economic Development. We encourage everyone to
support our local Westworth Village businesses – this increases sales tax revenue which
helps keep property taxes low, and it increases local job opportunities.

• Ad Valorem tax revenue, also known as property taxes, are affected by the state-imposed
limitations on increases to property taxes. The city only collects a small portion of your
total property tax. The majority of the total amount collected goes to Tarrant County
services and Fort Worth ISD. This budget is based on no change to the current ad
valorem tax rate of $0.475 per $100 of appraised value. To view how Westworth Village
ad valorem tax rates compare to other areas in Tarrant and surrounding counties, visit
the tarranttaxinfo.com website.

General Fund revenue is used to fund the following public services:
• Administration
• Facilities
• Police
• Municipal Court
• Fire Protection and Prevention Services
• Library Services

Some key points of change affecting revenue this year include:
• Anticipation of fewer new construction projects; therefore, permit fees have been
reduced.
• Anticipation of fewer court revenues due to unfunded state mandates and limitations.
• Anticipated growth in general sales tax revenue as Shady Oaks Country Club will re-
open, and new businesses (Burger King, Braum’s) are anticipated on the sales tax rolls.
• Maintaining the current ad valorem tax rate based on the Tarrant County estimated net
property tax value of $358,527,323.

www.cityofwestworth.com