The West U City Council has approved its 2013 budget and city tax rate of $0.37411 per $100 valuation, which is the same rate as last year.
The council held two public hearings on Oct. 15 for the proposed budget and proposed tax rate. No one commented at either public hearing. The council also held a tax rate public hearing on Oct. 8, but no one spoke at that meeting either.
The budget accounts for $31.3 million in revenues and $34.3 million in expenditures.
The budget is expected to raise more total property taxes than last year?s budget by $559,522 or 3.68 percent. Of that amount, $118,057.90 is tax revenue to be raised from new property added to the tax roll this year.
Property taxes account for 51 percent of the city?s revenue, or $15.8 million.
The general fund budget, which funds almost all city services, accounts for about $14.62 million in revenues and $15.34 million in expenditures. The city is using reserve funds to balance the budget, Finance Director Rhonda Daugherty said.
The largest portion of the general fund, or 65 percent, accounts for personnel and benefits.
The budget accounts for a 1 percent structure adjustment and salary increase as of Jan. 1, 2013 and an average 2 percent pay-for-performance salary increase effective on staff?s anniversary dates. The budget also includes the annualization of the average 1.5 percent pay-for-performance on anniversary date plan that was approved in the 2012 budget.
The city council approved a tax rate of $0.37411 per $100 valuation, which is the same tax rate as last year but it is higher than the effective tax rate.
The effective tax rate is the rate that would raise the same amount of revenue for the city as last year.
West U residents may pay more in property tax rates in 2013 even though the city?s tax rate stays the same due to the increase in appraised property values.
Even though the city has maintained the same tax rate, it is effectively a 3.11 percent increase in the tax rate.
The average resident with a home value of $753,383 per $100 valuation will pay an additional $7.08 per month.
Source: http://instantnewswestu.com/2012/10/23/37632/
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