Page 67 - Hurst Adopted FY22 Budget

revenue types

DESCRIPTIONS, EVALUATIONS AND PROJECTIONS

The following are the major revenue sources for the City of Hurst located in multiple funds, which will be
expanded on below:

• Property Taxes
• Consumption Taxes
• Licenses and Permits
• Charges for Service
• Fines
• Intragovernmental Funds
• Water and Sewer Revenue
• Storm Drainage Utility Fee
• Conference Center Fees
The revenues from taxes are classified as General Property Taxes, Consumer Taxes and Franchise Taxes in
the General Fund operating budget. These charges are levied to provide for general municipal services.

General Property Taxes

The Property Tax rate, as approved by the City Council, is largely dependent upon revaluation by the
Tarrant Appraisal District to reflect current market values. Individual property values are assessed each
year by January 1. All tax information relative to budgetary decisions is not available until July 25 of each
th
year when the certified tax roll is received from the Chief Appraiser. At that time, other revenue sources
and expenditure priorities are considered in preparing a tax rate for the new budget year. For tax years
2010 to 2020, a cumulative increase in property values of approximately $1.51 billion or $151 million per
year was recorded. This trend continues into the Fiscal Year 2022 budget.

The total tax rate for FY 2022 is $0.625159 per $100 valuation and was set by the City Council. This tax is
established by City ordinance and comprises 45% of the FY 2022 General Fund revenues. The approved
tax rate for FY 2022 remained the same from the previous year due to the uncertainty in the national
economy and lingering effects from the COVID-19 pandemic. However, due to rising individual
property values and a shift in burden from debt to operations, the budgeted Property Tax Rate will
raise 5.52 percent more revenue for the General Fund than the previous fiscal year. In addition, private
developers continue to make substantial investment in areas where the City has done the same. The
budget includes a property tax collection rate of 98.5%, which is equal to the previous fiscal year.

67