Page 358 - City of Watauga FY22 Adopted Budget

Notice About 2021 Tax Rates

Property Tax Rates in City of Watauga
This notice concerns the 2021 property tax rates for City of Watauga. This notice provides
information about two tax rates used in adopting the current tax year's tax rate. The no-
new-revenue tax rate would Impose the same amount of taxes as last year if you compare
properties taxed in both years. In most cases, the voter-approval tax rate is the highest tax
rate a taxing unit can adopt without holding an election. In each case, these rates are
calculated by dividing the total amount of taxes by the current taxable value with
adjustments as required by state law. The rates are given per $100 of property value.

This year's no-new-revenue tax rate: $0.552327/$100
This year's voter-approval tax rate: $0.597593/$100

To see the full calculations, please visit www.cowtx.org for a copy of the Tax Rate
Calculation Worksheet.

Unencumbered Fund Balance
The following estimated balances will be left in the unit's accounts at the end of the fiscal
year. These balances are not encumbered by a corresponding debt obligation.
Type of Fund Balance
General Obligation Fund 703,556
General Fund 6,050,871

Current Year Debt Service
The following amounts are for long-term debts that are secured by property taxes. These
amounts will be paid from upcoming property tax revenues (or additional sales tax
revenues, if applicable).
Principal or Contract Interest to be
Description of Debt Payment to be Paid Paid from Other Amounts Total Payment
to be Paid
from Property Taxes Property Taxes

2021 Proposed 265,000 114,188 0 379,188
Certificates of Obligation
2020 Certificates of 115,000 63,050 0 178,050
Obligation
2020 Tax Notes 90,000 11,550 0 101,550
2019 Certificates of 55,000 11,325 0 66,325
Obligation
2020 Refunding (2011) CO 115,000 6,055 0 121,055
2013 Certificates of 195,000 6,469 0 201,469
Obligation
2007 Certificates of 210,000 52,814 0 262,814
Obligation
2014 Certificates of 900,000 55,625 0 955,625
Obligation
2018 Certificates of 310,000 204,840 0 514,840
Obligation
2016 Certificates of 255,000 106,144 0 361,144
Obligation
Total required for 2021 debt service $3,142,060
- Amount (if any) paid from funds listed in
unencumbered funds $39,100
- Amount (if any) paid from other resources $147,078
- Excess collections last year $224,302
= Total to be paid from taxes in 2021 $2,731,580
+ Amount added in anticipation that the unit will $0
collect only 100.00% of its taxes in 2021
= Total debt levy $2,731,580

This notice contains a summary of actual no-new-revenue and voter-approval calculations
as certified by Sandra Gibson, Director of Finance on July 29, 2021.
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