Page 49 - Watauga FY22-23 Budget

BUDGET OVERVIEW – BUDGET-IN-BRIEF

General Fund

General Fund Revenues The
budget provides funding for
continuation of current programs
and services. The recreation
center programs were reduced
in the past couple of years, but
this year we are striving to
restore programs and events.
Revenue projections for
FY2022-2023 total $16,248,120,
an increase of $1,466,170, or
9.9% from the FY2021-2022
original budget. Increases have
been projected for property tax,
sales tax, charges for services,
and fines and forfeitures.

➢ Ad Valorem Property Taxes - Revenue collected from property taxes is the largest
component of the General Fund, comprising 40% of revenues in FY2022-2023.
This includes current and delinquent tax payments as well as penalties and
interest. This revenue is calculated based on information from the Certified Tax
Roll received July 25 from the Tarrant Appraisal District (TAD). The certified roll
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reflects all taxable property in the City as of January 1, 2022. After the roll is
received, the tax rate is set by the City Council based on both the debt rate
required to pay the City’s General bonded indebtedness and funds needed for
maintenance and operations for the use and support of the General Fund.
➢ In FY2022-2023, valuations increased by 11%, compared to an increase of 7% in
FY2021-2022. In the FY2022-2023 budget, the adopted tax rate of $0.57020 per
100 of valuation decreases the tax rate by $0.0102 from last year’s rate of
$0.5804. The rate is a result of the higher valuations and will ensure that the

quality service levels and programs are maintained, and debt service
requirements are met.

➢ The proposed tax rate for FY2022-2023 is $0.5702/$100 of valuation. The tax rate
distribution for FY2022-2023 compared to FY2021-2022 is as follows:
FY2022-23 FY2021-22

Maintenance and Operations: $0.375187/$100 $0.395445/$100
Interest & Sinking $0.195013/$100 $0.184955/$100

TOTAL TAX RATE: $0.57020/$100 $0.580400/$100

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