Page 30 - FY 2021-22 ADOPTED BUDGET

Budget for 2021-22 does not include the use of General Fund reserves, other than a planned transfer; the Operating
Funds fund balance is projected to end the 2021-22 Budget year at $11,909,941.

The 2021-22 Budget reflects the use of $300,000 from General Fund. The City philosophy is to save for future
projects by making transfers from the General Fund to the Capital Projects funds each year. The General Fund
budget is balanced with these transfers in mind. The transfer of $300,000 to the Capital Asset Replacement Fund

to purchase capital outlay items in the current year and in the future. General Fund revenues, excluding transfers,
are projected to exceed expenditures by approximately $300,986. By using $300,000 in unrestricted fund balance
the fund balance of the General Fund is projected to end the 2020-21 Budget year at $11,438,026.

The 2021-22 Budget does not include the use of Debt Service Fund reserves to finance principal and interest
payments for General Obligation bonds. For this fiscal year, an estimated $109,013 will be added to Debt Service
Fund reserves. The fund balance of the Debt Service Fund is projected to increase from $456,758 to $471,915.
Reserves are restricted; the only allowable use is to pay principal on general obligation bonds and certificates of

obligation bonds, interest on bonds and certificates, and agent fees.

DECREASING OF THE PROPERTY TAX RATE

The City’s property tax rate is always a focus of the budget. After reviewing the change in assessed valuations and
considering potential commercial development in the upcoming years, Council established the property tax rate at
$0.6175 per $100 valuation. The 2021-22 rate is $0.0050 lower than the 2020-21 adopted rate of $0.6225. The
General Fund portion of the property tax rate was reduced by $0.0205 from $0.6015 to $0.5810. The Debt Service
Fund portion of the property tax rate was increased by $0.0155 from $0.0210 to $0.0365. This increase in the debt
rate is due to the issuance of Series 2021 General Obligation Bonds for the construction of a new Municipal
Complex. The City was able to reduce its overall tax rate and adopt a rate below the Voter-Approval rate while still
balancing the budget.

Property Tax Rate Comparison FY 2021-22 FY 2020-21

No-New-Revenue Tax Rate $ 0.6106 $ 0.6012
Voter-Approval Tax Rate $ 0.6608 $ 0.6239

Adopted Tax Rate:
M&O Tax Rate $ 0.5810 $ 0.6015
Debt Tax Rate $ 0.0365 $ 0.0210
Total Tax Rate $ 0.6175 $ 0.6225

The certified tax roll received from the Tarrant Appraisal District (TAD) in July 2021 shows the total appraised value
of property in Benbrook at $2,806,014,473; TAD provided revised assessed valuation and property tax data in
September 2021; however, the July 2021 totals are used for all 2021-22 budget calculations. Total exemptions
(over-65, homestead, disability, veterans, pro-rated absolute, and nominal value - below $500) and total
adjustments (absolute exemptions, cases before the Appraisal Review Board, and incomplete accounts) are

$367,344,781. TAD’s minimum projected value of property under protest and/or in incomplete accounts is
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