Buda City Council Sets Proposed FY 2016-17 Tax Rate, Sets Public Hearings

August 22, 2016

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Budget Still Being Finalized – Public Hearings Set for Proposed Budget & Tax Rate

The City of Buda is currently in the process of finalizing their FY 2016-17 budget, however the City Council has set the proposed property tax rate for the same Fiscal Year.

Proposed FY 2016-17 Tax Rate

The 2016-17 proposed tax rate is .3704 (2015-16 current tax rate is .3475)
2016 Total Taxable Values are $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 current 2016-2017 proposed budget includes revenues at a tax rate of .3704. The difference for a household value at $200,000 from .3475 to .3704 is $45.80 more per year, or $3.82 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 would generate $1,078,244 more revenue than previous rate of .3475. Taxable values have increased by $218,185,990 over last year, the M&O (maintenance and operations) revenue will be $279,166 over last year if the City adopts the tax rate of .3704 which is below the rollback rate.

A full presentation of the proposed FY 2016-17 Budget will be done at a Special Council Meeting on Aug. 30, 2016.