Page 64 - Hurst Adopted FY22 Budget

APPROVED FISCAL YEAR 2022 BUDGET

Utility Rates

The City will adopt annual utility rates that will generate revenues adequate to cover operating
expenses and meet the legal requirements of bond covenants. Depreciation is also budgeted to
plan for adequate capital replacement in water distribution and sewage collection systems.

Investment Policies
The City’s investment policy is more restrictive than the State’s Public Funds Investment Act. The
stated goals of the investment policy, in order of importance, are safety of principal, liquidity,
yield, and public trust. Investments made by the City will be in conformance to policies
contained in the City of Hurst Investment Policy, adopted August 24, 2021. Interest earnings
are distributed to accounting funds according to ownership of the invested dollars. This
revenue is budgeted for each fund in the annual budget. Each month, the Finance and
Investment Committee meets to review investment activity and monitor the investment
policies and procedures of the City.

Other Revenue Policies
The City continually strives to obtain additional major revenue sources as a means to balance
the budget. In January 1993, voters adopted an additional 1/2 percent sales tax for
Community Services purposes. In September of 1995, voters overwhelmingly approved an
additional 1/2 percent sales tax for crime control and prevention purposes and voted to
extend the tax for an additional twenty years in May 2010. In fiscal year 2008-2009, Council
approved a new Storm Water Management fee that will provide for drainage improvements
throughout the City while providing expenditure relief to the General and Debt Service
Funds. User fees and charges are reviewed annually to ensure they are comparable to the cost
of providing services.
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