Loading...
1st Public Hearing Presentation 09-10-1809/10/2018 Town of Westlake First Public Hearing SLIDE 3 •General Fund •Operating Days (Fund Balance Days) •Effective Rate •Sales & Use Tax •Development Fees SECTION 01 Staff Recommendations 09/10/2018 Town of Westlake First Public Hearing SLIDE 3 •$0.16010 = first tax rate adopted in 2010 •Adopted effective rate every year since 2010 •Proposal for FY 18/19 would recommend adopting rate lower than original levy 08/15/2018 Town of Westlake Municipal Budget Workshop Property Tax Rate per $100 Assessed Valuation SLIDE 12 0.16010 0.15684 0.15684 0.15684 0.15634 0.15634 0.13695 0.13615 FY10/11 Actual FY11/12 Actual FY12/13 Actual FY13/14 Actual FY14/15 Actual FY15/16 Actual FY16/17 Actual FY17/18 Actual An increase of $0.01985 FY2018-19 Proposed rate is 09/10/2018 Town of Westlake First Public Hearing Current Tax Rate is $0.13615 $0.15600 SLIDE 4 FY2018/19 Effective Rate is $0.13551 09/10/2018 Town of Westlake First Public Hearing SLIDE 5 FY 2018 FY 2017 increase Average home $1,250,000 $1,250,000 20% homestead -$250,000 -$250,000 Net taxable $1,000,000 $1,000,000 Proposed rate 0.15600 0.13615 0.01985 Tax Payment $1,560 $1,362 $199 09/10/2018 Town of Westlake First Public Hearing SLIDE 6 CARROLL ISD Property Value Exemption Net Taxable Value Taxing Rate Tax Amount Percent of Tax Bill 037 -Town of Westlake 1,250,000 -250,000 1,000,000 0.15600 $1,560 6.0% 220 -Tarrant County 1,250,000 0 1,250,000 0.24400 $3,050 11.7% 224 -JPS Health Network 1,250,000 0 1,250,000 0.22429 $2,804 10.7% 225 -Tarrant County College 1,250,000 0 1,250,000 0.14006 $1,751 6.7% 919 -Carrol ISD 1,250,000 -25,000 1,225,000 1.38500 $16,966 64.9% Total $26,131 100% KELLER ISD Property Value Exemption Net Taxable Value Taxing Rate Tax Amount Percent of Tax Bill 037 -Town of Westlake 1,250,000 -250,000 1,000,000 0.15600 $1,560 5.6% 220 -Tarrant County 1,250,000 0 1,250,000 0.24400 $3,050 11.0% 224 -JPS Health Network 1,250,000 0 1,250,000 0.22429 $2,804 10.1% 225 -Tarrant County College 1,250,000 0 1,250,000 0.14006 $1,751 6.3% 907 –Keller ISD 1,250,000 -25,000 1,225,000 1.52000 $18,620 67.0% Total $27,784 100% Homestead Exemption –This is an exemption offered by the Town which reduces the taxable value of all homes by 20%, which is the maximum amount allowed under the law. Additional 65+ or Disabled Exemption –A $10,000 exemption on the taxable value of homes of 65+ or disabled residents. (This is one or the other, not both). Homestead Tax Ceiling –Limits the total amount of taxes residents who are 65+ or disabled pay so that in future years their taxes will not increase beyond what they are currently paying. –Any resident that was 65 when Westlake adopted its ad valorem rate, will not p ay any municipal ad valorem taxes due to this tax ceiling. –If a resident turned 65 this year, then the amount they paid this year in municipal ad valorem taxes would remain fixed at that amount. They will not pay more, but could potentially pay less if taxes are lowered. SLIDE 2209/10/2018 Town of Westlake First Public Hearing 09/10/2018 Town of Westlake First Public Hearing SLIDE 7 Town of Westlake 5 cents School Districts 65 cents County 12 cents Hospital District, MUD, TCC 18 cents SECTION 02 Why? 09/10/2018 Town of Westlake First Public Hearing SLIDE 9 •Two largest portions of Town’s revenue streams fluctuate year to year •Recommend we maintain liquidity to provide services •Service demands growing as community is growing •Financial stability is important 09/10/2018 Town of Westlake First Public Hearing Sales & Use Tax 32% Development Permits & Fees 38% Property Tax 13% Franchise Fees Court Fines & All Other 17% SLIDE 10 -19% 23% 2% 3% 22% -21% 20% 8% 4% -6% 1% 9%7% -4% 2% 6%4% 9%8%10% 6% 2% -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% FY 06-07 FY 07-08 FY 08-09 FY 09-10 FY 10-11 FY 11-12 FY 12-13 FY 13-14 FY 14-15 FY 15-16 FY 16-17 09/10/2018 Town of Westlake First Public Hearing Westlake 22 Sample Cities SLIDE 11 09/10/2018 Town of Westlake First Public Hearing SLIDE 12 -3.23% 46.66% -15.05% 28.69% 22.99% 8.44% -0.53% -12.19% 4.41% 15.52% 1.55% 28.52% 3.38% 4.26%4.83% 3.02% -2.74% -20% -10% 0% 10% 20% 30% 40% 50% FY 2001 FY 2002 FY 2003 FY 2004 FY 2005 FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 09/10/2018 Town of Westlake First Public Hearing SLIDE 13 3.0% -5.9% 54.9% -25.6% 125.3% -66.8% -18.7% 73.8% 34.1% -8.3% 89.3%88.4% -33.3% 94.7% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 $375 $242,910 ($26,418) ($608,176) ($70,127) $2,328,331 ($188,863)($304,560) ($96,427) $1,056,020 ($407,471) $1,059,529 $1,249,193 $976,382 $451,765 $2,348,087 $1,689,156 ($1,184,019) $(1,500,000) $(1,000,000) $(500,000) $- $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 FY 2001 FY 2002 FY 2003 FY 2004 FY 2005 FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 09/10/2018 Town of Westlake First Public Hearing SLIDE 13 90 days SECTION 03 Fund Balance Projections 09/10/2018 Town of Westlake First Public Hearing SLIDE 15 •Dependent on the tax levy –may see steeper declines in Fund Balance •Proposed rate = greater stability in Fund Balance •Stability and reserves = positions us for future service demands Conservative Financially Concentrate on quality for residents Leverage partnerships for service provision Cost-sharing with other municipalities/county Cost-sharing or maintenance agreements with stakeholders Analysis of Current and Future Conditions 08/22/2018 Town of Westlake Municipal Budget Workshop SLIDE 10 09/10/2018 Town of Westlake First Public Hearing Current Rate of .13615; with 4% escalation SLIDE 16 Proposed Rate of .15600; with 4% escalation 351 341 261 201 155 112 FY 17/18 Estimated FY 18/19 Proposed FY 19/20 projected FY 20/21 projected FY 21/22 projected FY 22/23 projected NO revised forecasted staffing ------------------ INCLUDES one time permit revenues ------------------ INCLUDES transfers out of 1X revenues 351 350 280 230 193 160 FY 17/18 Estimated FY 18/19 Proposed FY 19/20 projected FY 20/21 projected FY 21/22 projected FY 22/23 projected 01a 01b 09/10/2018 Town of Westlake First Public HearingSLIDE 14 351 341 255 193 132 80 FY 17/18 Estimated FY 18/19 Proposed FY 19/20 projected FY 20/21 projected FY 21/22 projected FY 22/23 projected INCLUDES revised forecasted staffing ------------------ INCLUDES one time permit revenues ------------------ INCLUDES transfers out of 1 time revenues (except noted $) 351 341 248 183 121 67 FY 17/18 Estimated FY 18/19 Proposed FY 19/20 projected FY 20/21 projected FY 21/22 projected FY 22/23 projected 02a 02b Current Rate of .13615; with 4% escalation Proposed Rate of .15600; with 4% escalation$1.064M $65K $117K $73K $73K$299K $1.064M $65K $117K$299K SLIDE 17 09/10/2018 Town of Westlake First Public Hearing SLIDE 18 NO revised forecasted staffing ------------------ NO one time permit revenues ------------------ NO transfers out of one time revenues 339 289 208 145 97 52 FY 17/18 Estimated FY 18/19 Proposed FY 19/20 projected FY 20/21 projected FY 21/22 projected FY 22/23 projected 339 298 227 174 135 100 FY 17/18 Estimated FY 18/19 Proposed FY 19/20 projected FY 20/21 projected FY 21/22 projected FY 22/23 projected 03a 03b Current Rate of .13615; with 4% escalation Proposed Rate of .15600; with 4% escalation One-Time $3.5M Not One-Time $806K One-Time $1.2M Not One-Time $639K One-Time $1.1M Not $383K $967K $383K $967K $383K One-Time $3.5M Not One-Time $806K One-Time $1.2M Not One-Time $639K One-Time $1.1M Not $383K $967K $383K $967K $383K SECTION 04 Service Delivery Excellent Municipal Services •Responsive and Accessible •Conservative Financials •Measured Staff Growth •High Ratings on Satisfaction Survey •Distinctive Community Excellent Academic Services •Top notch educators •Highly ranked school •Exceptional IB results 08/22/2018 Town of Westlake Municipal Budget Workshop SLIDE 25 255 289 303 328 355 698 703 785 803 847 992 1,063 1,109 1,184 1,200 1,270 1,310 1,450 $4,192 $5,218 $6,075 $7,987 $9,817 $10,189 $10,286 $11,377 $11,729 $11,283 $10,810 $13,518 $12,367 $17,562 $20,462 $20,478 $24,323 $28,967 0 200 400 600 800 1000 1200 1400 1600 $0 $2,500 $5,000 $7,500 $10,000 $12,500 $15,000 $17,500 $20,000 $22,500 $25,000 $27,500 $30,000 $32,500 FY 2001 FY 2002 FY 2003 FY 2004 FY 2005 FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 Population Daily Operating Expenditures 09/10/2018 Town of Westlake First Public Hearing SLIDE 20 2005 2010 2015 09/10/2018 Town of Westlake First Public Hearing SLIDE 21 $0.937 $3.265 $3.076 $2.772 $2.675 $3.731 $3.324 $4.383 $5.813 $6.789 $7.241 $8.553 $10.242 $9.064 $9.058 43 231 259 211 219 329 255 333 462 437 433 420 447 351 350 $0 $2 $4 $6 $8 $10 $12 0 50 100 150 200 250 300 350 400 450 500 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Fund Balance Operating Days An increase of $0.01985 from current year FY2018-19 Proposed rate 09/10/2018 Town of Westlake First Public Hearing $0.15600 SLIDE 24 $199 per year per $1M valuation Second public hearing on the proposed tax rate will take place on Wednesday, September 19, 2018 at 7:30 p.m. in the first floor Council Chambers of the Town Hall located at 1500 Solana Blvd., Bldg. 7, Suite 7200, Westlake, TX 76262. The vote on the proposed tax rate will take place on Monday, September 24, 2018 at 6:30 p.m. in the first floor Council Chambers of the Town Hall located at 1500 Solana Blvd., Bldg. 7, Suite 7200, Westlake, TX 76262. 08/22/2018 Town of Westlake Municipal Budget Workshop SLIDE 25