BUDA, TX — The City of Buda’s proposed the Fiscal Year 2021 budget was filed with the City of Buda’s City Clerk on August 5 and submitted to the Buda City Council.
During Tuesday’s Special City Council meeting, the Council set the public hearings for the proposed Fiscal Year 2021 Budget and Tax Rate.
“It’s exciting to imagine what the future of Buda will look like as it continues to grow and develop. Although in the upcoming fiscal year the City remains conservative in its revenue projections as a result of ongoing, or lingering, impacts of COVID-19 on the City’s economy, I’m hopeful that Buda will be able to remain vigilant and meet its revenue targets as proposed in the Fiscal Year 2021 budget,” said Buda City Manager Kenneth Williams. “As new industries continue to find their home in Buda, and as we see gradual upticks in residential and commercial development activity in the City, this provides the positive outlook in Buda to help with future growth of revenues from sales and property taxes. This will contribute toward our continuing development of strategic financial planning and will allow the City to be able to maintain low property tax rates while continuing to provide high-quality services to Buda’s residents.”
Proposed Budget/Tax Rate Public Hearings
- Sept. 1, 2020 – 5:30 p.m. – Virtual Hearing
- Sept. 15, 2020 – 5:30 p.m. – At Buda City Hall (405 E. Loop St., Building 100)
Proposed Budget Highlights
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- The Fiscal Year 2021 proposed budget is a balanced budget that levies a property tax rate of $0.3423 per $100 of valuation. It is a decrease of $0.0073 cents per $100 of valuation from the current tax rate, which is $0.3496.
- Includes a proposed water rate increase of 3% and a wastewater rate increase of 4%.
- Includes a proposal of 5 new employees (full-time equivalents), including new positions for Police, Communications, Finance, Engineering, and Water/Wastewater.
Major proposed capital projects for Fiscal Year 2021 include
Public Works Facility Study
Cabela’s Connector
FM 2001 Pedestrian and Bicycle Sidewalk Path
RM 967 Sidewalk from Old Buda Elementary to Downtown
Overlook Lift Station Upsize and Interceptor for Cole Springs Road
Sunfield Effluent Wastewater Discharge Force Main
Bradfield Trail Connection to West Goforth
Garison Park Development
West Goforth Drainage Improvements
Whispering Hollow Street Drainage
Wild Wind Cove Groundwater Study
Downtown/City Park Parking
Reclaimed Water Ground Storage Tank
Proposed Fiscal Year 2021 Tax Rate
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- The Fiscal Year 2021 proposed tax rate is $0.3423 per $100 of valuation. It is a decrease of $0.0073 cents per $100 of valuation from the current tax rate, which is $0.3496.
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- Fiscal Year 2021 Total Taxable Value is $1,955,941,067 – Taxable Value to the City is $1,823,728,548.
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- A tax rate of $0.3423 will generate $6,695,186 in total revenue to the City ($0.2276 I&S = $4,150,806 and $0.1147 M&O = $2,091,817; this does not include $452,563 in the TIRZ)
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- The Fiscal Year 2021 proposed budget includes revenues at a tax rate of $0.3423. For a homeowner with an average taxable value of $260,915, last year compared to the average taxable value of $267,928 in tax year 2020, the tax rate cost could increase by $5 per year.
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- The maintenance and operations (M&O) portion of the tax rate is proposed to increase by $0.0051, and the debt portion of the tax rate is proposed to decrease by $0.0124 from the current year. The decrease in the debt portion of the rate is due to an increase in taxable values citywide and growth in the City. At a tax rate of $0.3423, the City will generate $246,418 more property tax revenue than the previous year. Total taxable value in the City increased by $110 million over last year, and the maintenance and operations revenue is estimated to be $2.1 million.
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- Buda boasts one of the lowest tax rates in the region and in the state for full-service cities.
Proposed Budget Breakdown
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- Total Revenue – $36,686,165, excluding capital improvements
- Total Expenditure – $39,465,952, excluding capital improvements
The fiscal Year 2021 Proposed Budget Expenditures
The proposed budget includes the following expenditures, in millions
….General Fund – $16.0
….Interest & Sinking – $8.1
….Water – $4.5
….Wastewater – $6.1
….Sanitation – $2.1
….Hotel/Tourism – $0.695
….Other, including LGC, Library Spec. Rev., etc. – $1.9
Fiscal Year 2021 Proposed Capital Improvements Expenditures
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- Capital Improvements – $14.6
Links to Proposed Fiscal Year 2021 Budget and Proposed Capital Improvement Plan (CIP)