Buda City Council Approves FY 2016 – 2017 Tax Rate & Budget
8 years ago
Submitted by the City of Buda
BUDA, TX – On September 20, 2016, the Buda City Council unanimously passed the property tax rate and budget for Fiscal Year 2016-17, which begins October 1.
FY 2016-17 Tax Rate
The 2016-17 tax rate is .3704 per $100 of valuation (2015-16 current tax rate is .3475 per $100 of valuation)
2016 Total Taxable Value is $1,397,589,163
A tax rate of .3704 will generate $5,176,670 in total revenue (.2511 I&S = $3,509,346 and .1193 M&O = $1,667,324)
The FY 2016-17 budget includes revenue at a tax rate of .3704. For the owner of a $200,000 home, the tax rate cost is $46 more per year, or $3.83 per month.
The current tax rate increase was due to the increased I&S or debt payments required for the City’s debt issuance for the $55 million Bond that was approved by voters in the November 2014 election. At a tax rate of .3704, the City will generate $1,078,244 more revenue than at the previous rate of .3475. Total taxable value has increased by $218,185,990 over last year, and the M&O (maintenance and operations) revenue is estimated to be $279,166 over last year.
Budget Breakdown
Revenue: $90,681,695
Expenditure: $87,683,450
FY 2016-17 Budget Expenditures
Capital Improvement Expenditures – $62,216,476
Budget includes $25,466,974 for General, Water and Wastewater Funds, etc.
General Fund Expenditures – $10,463,824
Interest & Sinking – $4,928,339
Wastewater – $3,330,372
Water – $3,212,599
Other including LGC, Sanitation, HOT, Library Spec. Rev. – $3,531,840