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2nd Public Hearing Presentation 09-19-1809/19/2018 Town of Westlake Second Public Hearing 1 •General Fund •Operating Days (Fund Balance Days) •Effective Rate •Sales & Use Tax •Development Fees 09/19/2018 Town of Westlake Second Public Hearing 2 SECTION 01 Staff Recommendations 09/19/2018 Town of Westlake Second Public Hearing 3 •$0.16010 = 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 09/19/2018 Town of Westlake Second Public Hearing 4 Property Tax Rate per $100 Assessed Valuation 0.16010 0.15684 0.15684 0.15684 0.15634 0.15634 0.13695 0.13615 FY10/11 .16010 FY11/12 .15684 FY12/13 .15684 FY13/14 .15684 FY14/15 .15634 FY15/16 .15634 FY16/17 .13695 FY17/18 .13615 09/19/2018 Town of Westlake Second Public Hearing 5 An increase of $0.01985 FY2018-19 Proposed rate is Current Tax Rate is $0.13615 $0.15600 FY2018/19 Effective Rate is $0.13551 09/19/2018 Town of Westlake Second Public Hearing 6 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 09/19/2018 Town of Westlake Second Public Hearing 7 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% 09/19/2018 Town of Westlake Second Public Hearing 8 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. 09/19/2018 Town of Westlake Second Public Hearing 9 Town of Westlake 5 cents School Districts 65 cents County 12 cents Hospital District, MUD, TCC 18 cents 09/19/2018 Town of Westlake Second Public Hearing 10 SECTION 02 Why? 09/19/2018 Town of Westlake Second Public Hearing 11 •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 09/19/2018 Town of Westlake Second Public Hearing 12 Sales & Use Tax 32% Development Permits & Fees 38% Property Tax 13% Franchise Fees Court Fines & All Other 17% 09/19/2018 Town of Westlake Second Public Hearing 13 -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 Westlake 22 Sample Cities 09/19/2018 Town of Westlake Second Public Hearing 14 -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 09/19/2018 Town of Westlake Second Public Hearing 15 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% -100% -75% -50% -25% 0% 25% 50% 75% 100% 125% 150% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 09/19/2018 Town of Westlake Second Public Hearing 16 $375 $242,910 ($26,418) 1 day ($608,176) 24 days ($70,127) 3 days $2,328,331 ($188,863) 7 days ($304,560) 12 days ($96,427) 4 days $1,056,020 ($407,471) 16 days $1,059,529 $1,249,193 $976,382 $451,765 $2,348,087 $1,689,156 ($1,184,019) 47 days $(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 90 days 09/19/2018 Town of Westlake Second Public Hearing 17 SECTION 03 Fund Balance Projections 09/19/2018 Town of Westlake Second Public Hearing 18 •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 09/19/2018 Town of Westlake Second Public Hearing 19 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 09/19/2018 Town of Westlake Second Public Hearing 20 Current Rate of .13615; with 4% escalation 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 09/19/2018 Town of Westlake Second Public Hearing 21 351 341 255 193 132 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 09/19/2018 Town of Westlake Second Public Hearing 22 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 09/19/2018 Town of Westlake Second Public Hearing 23 SECTION 04 Service Delivery 09/19/2018 Town of Westlake Second Public Hearing 24 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 09/19/2018 Town of Westlake Second Public Hearing 25 3000 5673 8345 7042 6954 8643 7870 9115 9528 10583 11329 11967 10333 11366 12502 355 698 703 785 803 847 992 1063 1109 1184 1200 1270 1310 1450 1554 0 1000 2000 3000 4000 5000 6000 7000 8000 9000 10000 11000 12000 13000 14000 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Daytime Population Resident Population $10,083 $12,665 $9,708 $11,707 $11,327 $10,373 $11,023 $12,441 $11,994 $14,892 $16,061 $18,986 $21,643 $25,460 $26,244 2005 2010 2015 09/19/2018 Town of Westlake Second Public Hearing 26 $0.431 $2.925 $2.513 $2.468 $2.482 $3.415 $2.815 $4.140 $5.543 $6.515 $6.957 $7.979 $9.664 $8.639 $8.887 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 43 231 259 211 219 329 255 333 462 437 433 420 447 350 351 09/19/2018 Town of Westlake Second Public Hearing 27 $0.431 $2.925 $2.513 $2.468 $2.482 $3.415 $1.588 $1.642 $1.807 $1.581 $0.766 $0.470 $0.673 -$1.678 -$3.163 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 4 3 2 31 259 211 219 329 14 4 13 2 151 106 4 8 2 5 31 (66)(121) 09/19/2018 Town of Westlake Second Public Hearing 28 An increase of $0.01985 from current year FY2018-19 Proposed rate $0.15600 $199 per year per $1M valuation 09/19/2018 Town of Westlake Second Public Hearing 29 The vote on the proposed tax rate will take place on Monday, September 24, 2018 at 6:30 p.m. in the Second floor Council Chambers of the Town Hall located at 1500 Solana Blvd., Bldg. 7, Suite 7100, Westlake, TX 76262. 09/19/2018 Town of Westlake Second Public Hearing 30