Page 61 - CITY OF AZLE, TEXAS

GENERAL FUND – IN BRIEF

REVENUES

The General Fund budget, as amended and approved by the City Council, provides for
estimated revenues of $15,199,049 during FY 2022-23. This reflects an increase of $2,771,160
(22.3%) over the adopted FY 2021-22 budget. The majority of General Fund revenue is
comprised of the various taxes levied by the City, totaling 71.3% of all fund revenue. This year’s
General Fund ad valorem tax levy is projected to be $7,218,949, which is an increase of
$640,360 (9.7%) over last year’s budgeted levy and is derived from a net taxable value of
$1,267,643,110. Because the City of Azle lies in both Tarrant County and Parker County, the
net taxable value is determined by the Tarrant Appraisal District and the Parker County
th
Appraisal District. Each district provides a certified tax roll to the City on or around July 25
each year. Net taxable values increased $131,380,082 over the 2021 values and one fourth of
the increase (25.04%) is attributable to new construction totaling $32,908,840. The City’s
adopted tax rate of $0.623426 per $100 is $0.022723 less than the FY 2021-22 adopted tax
rate. This year’s rate is $0.030155 above the no-new-revenue tax rate and is $0.020892 above
the voter-approval tax rate. However, the rate is equal to the de minimis tax rate and, therefore,
does not require voter approval. The chart below is a graphical representation of the taxable
value of all property in the City of Azle since 2017.

Sales tax revenue is estimated at $2,770,000 in FY 2022-23, which is an increase of $145,000,
or 5.5%, over the adopted FY 2021-22 budget and is based on recent trends in sales tax
collections. Even during the COVID-19 pandemic, sales tax collections have been robust. The
next chart is a graphical representation of sales tax collections since FY 2013-14. With the
exception of FY 2016-17, sales tax collections in the City of Azle have steadily increased over
the last decade.

City of Azle FY 2022-2023 Budget 50