Page 20 - Saginaw FY22 Adopted Annual Budget

activity continues to expand at a high pace. The regional outlook is optimistic with growth
expectations in the coming year. Given the city’s diverse tax base and essential food
manufacturing industry the pandemic has not had a significant financial impact. Another
large influence on the City’s budget is property valuation. The high demand for housing
has continued to increase residential property values. Property values for the City of
Saginaw increased an average of 8.6%. The increase in property values means the City
can collect the same amount of property tax revenue as last year but at a lower rate. With
the adopted rate of 47.9516 cents the average homeowner will pay $971.70 in property
taxes which is $103.47 higher than last year. More than half of the increase ($60.47) is
for debt issued for citizen approved bond projects. In the City of Saginaw single-family
residential building has slowed but two mixed use developments, including multi-family
residential, will begin construction.

The main attractions of Saginaw are location, land availability, easy freeway access, good
schools, low tax rates, and the general quality of life. Alliance Airport, Meacham Airport,
Eagle Mountain Lake, the United States Currency Plant, Texas Motor Speedway and the
Fort Worth Stockyards are all within fourteen miles of Saginaw’s city limits.

With the City’s continued growth and increasing expectations of our citizens, the
challenges the City faces this year include maintaining a competitive compensation plan
for employees, maintaining current service levels, replacing the outdated Central Fire
Station, planning for the new Library and Senior Citizens Center, and infrastructure
improvements that were included in the 2021 bond election. The key budget issues are:

• Adopt a tax rate that allows us to meet current service expectations, as well as,
meet debt service requirements.

• Retain and recruit quality employees in all departments: The City’s most valuable
asset is its employees. Approximately 11% of our employees have been with the
City twenty years or more and are eligible for retirement under the City’s retirement
plan. Another 11 % have been with the City a minimum of fifteen years and will be
eligible for retirement in five years or less. A considerable amount of knowledge
about the City, its history and operations will be lost. It is extremely important that
the City continue to offer competitive salary and benefits in order to hire and retain
quality employees. A 3% salary adjustment is funded for most employees and
those with five or more years with the City will receive a pay increase to the mid­
point of their pay grade.

® Construction will continue on the Bailey Boswell Overpass and Central Fire
Station. Design will begin on the new Library and Senior Citizens Center. Funding
for the first phase of Knowles Drive reconstruction is budgeted and may be partially
funded by Tarrant County if approved in the November 2021 bond election.

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