Buda City Council Approves FY 2017-2018 Tax Rate And Budget

Last night Buda City Council held a regular meeting to approve tax rate and FY 2018 budget which includes the following expenditures…

BUDA, TX – The Buda City Council unanimously approved the FY 2017-18 Tax Rate and Budget at the September 19, 2017 council meeting.

FY 2017-18 Tax Rate

• The 2017-18 tax rate is .3673 (2016-17 current tax rate is .3704 per $100 of valuation) 
• 2017 Total Taxable Value is $1,561,827,449.  Taxable value to City is $1,465,308,416. 
• A tax rate of .3673 will generate $5,736,592 in total revenue (.2614 I&S = $4,082,617 and .1059  M&O = $1,653,975)
• The current 2017-2018 budget includes revenues at a tax rate of .3673. For a homeowner with an average value of $228,000 last year compared to the average value of $242,000 in 2017, tax rate cost will be $42 more per year, or $3.50 per month.
• The overall tax rate decreased from the current year.  A decrease of $.0134 occurred on the maintenance and operations (M&O) portion of the tax rate, and the debt portion of the tax rate increased by $.0103 over the current year.  The debt increase is due to the increased debt payments required for the City’s debt issuance for the $55 million bond program that was approved by voters in the November 2014 election. At a tax rate of .3673, the City will generate $277,401 more property tax revenue than the previous year.  Total taxable value to the City increased by $67.72 million over last year, and the maintenance and operations revenue is estimated to be $1.65 million.

Budget Breakdown

• Revenue: $29,052,564, excluding capital improvement
• Expenditure: $31,820,808, excluding capital improvement

FY 2017-18 Budget Expenditures

• Capital Improvement Expenditures: $60,465,588 — Link to Capital Improvement Plan FY 2017-18 thru FY 2021-22 http://bit.ly/2wABWIi
• Budget includes the following expenditures:

• • General Fund – $12,149,928
  • Interest & Sinking – $6,363,095
  • Water -$3,438,391
  • Wastewater – $5,409,149
  • Sanitation – $1,543,257
  • Other including LGC, Hotel/Motel, Library Spec. Rev., etc. – $2,916,988

• Total Budget: $92,286,396