Pursuant to Section 102.006 of the Texas Local Government Code, the City shall hold a public hearing on the proposed budget for the fiscal year ending September 30, 2018.
The proposed budget, which was filed July 18, 2017, must be filed at least fifteen days prior to the public hearing. The notice of the public hearing must be published at least ten days but not more than 30 days prior to the date for the public hearing and provide the date, time and place of the public hearing. The Local Government Code also requires the following:
(1) Include the following statement in the notice for public hearing: "This budget will raise more total property taxes than last year's budget by (insert total dollar amount of increase and percentage of increase), and of that amount (insert amount computed by multiplying the proposed tax rate by the value of new property added to the roll) is tax revenue to be raised from new property added to the tax roll this year."
(2) Include the statement above on the cover page of the budget. Use a font of 18-point or larger.
(3) Ratify the increase in revenue from property tax by a separate vote at the meeting to adopt the budget and set the tax rate.
The proposed budget builds on decades of financial strength and addresses service needs and priorities, capital investment and implementation of annexation for Greatwood and New Territory. Annexation revenues will cover all annexation costs and result in benefits to the city now and in future. These expenses are covered by funds paid by Greatwood and New Territory residents in preparation for annexation. Proposed additions to city staff are all related to annexation. Additionally, the proposed budget includes:
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Funding for rehabilitation of streets, sidewalks, drainage, parks and facilities at a reduced amount, part of a strategy to move away from sales tax funding for annual infrastructure reinvestment and fund it through more stable revenue sources;
The recommended budget is based on City Council-approved financial policies that call for an effective tax rate plus 3 percent to address annual inflationary costs of doing business. Simply put, the effective tax rate – or “no new taxes” rate – is the tax rate required to raise the same amount of revenue in 2017 from properties that were on the tax roll in 2016. Additionally, the proposed budget anticipates flat utility rates, with only minimal CPI-based adjustments to user fees.
Overall, the proposed budget is conservative and proactively responsive to changing consumer retail patterns, ongoing uncertainty in the oil/gas market and the city’s aging infrastructure and population - recognizing the City's ability to continue providing a high level of services and low taxes depends on balanced economic development, comprehensive future land use planning and a strong financial position.
A public hearing for the FY2018 proposed budget will be held on August 15, 2017 at 6:00 p.m. in the City Council Chamber. A legal notice with the required statements was published in the City’s official newspaper on August 2, 2017 and has been posted on the City’s website.
The purpose of the public hearing is to allow any taxpayer the opportunity to comment on the proposed budget. The budget is available for review by any taxpayer at City Hall and on the City’s website.