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Ord 913 Revising the FY19-20 budget and approving the FY20-21 budgetTOWN OF WESTLAKE ORDINANCE NO. 913 AN ORDINANCE OF THE TOWN COUNCIL OF THE TOWN OF WESTLAKE, TEXAS, REVISING THE BUDGET FOR THE 2019-2020 FISCAL YEAR; ADOPTING THE BUDGET FOR THE TOWN OF WESTLAKE, TEXAS FOR THE FISCAL YEAR BEGINNING OCTOBER 1, 2020 AND ENDING SEPTEMBER 30, 2021 INCLUDING INVESTMENT POLICY, PAY PLAN POLICY, FISCAL AND BUDGETARY POLICIES, RESTRICTED, COMMITTED AND ASSIGNED FUND BALANCES; PROVIDING AUTHORIZATION TO THE TOWN MANGER TO APPROVE APPROPRIATED FUNDS UP TO $50,000; PROVIDING THAT THE BUDGET BE KEPT IN CITY SECRETARY'S OFFICE; PROVIDING FOR A SEVERABILITY CLAUSE; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, public notice of a public hearing on the proposed annual budget, stating the date, time, and place and subject matter of the public hearing, was given as required by the laws of the State of Texas and; and WHEREAS, a public hearing was duly held, and all interested persons were given an opportunity to be heard for or against any item therein on September 14, 2020; and, WHEREAS, as required by Texas Local Government Code 102.002, the budget officer has prepared a municipal budget to cover the proposed expenditures of the municipal government for the succeeding year; and, WHEREAS, this budget will raise more revenue from property taxes than last year's budget by an amount of $122,145, a 5.20% increase from last year's budget, and the property tax revenue to be raised from new property added to the tax roll this year is $134,493. WHEREAS, the Town Council finds that the passage of this Ordinance is in the best interest of the citizens of Westlake. NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF WESTLAKE, TEXAS: SECTION 1: That, all matters stated in the Recitals hereinabove are found to be true and correct and are incorporated herein by reference as if copied in their entirety SECTION 2: That the Town Council hereby adopts the revised budget for the fiscal year beginning October 1, 2019 and ending September 30, 2020 as shown within Exhibit "A." SECTION 3: That the Town Council does hereby approve the proposed Municipal Budget attached in Exhibit "A ", adopting the budget for the fiscal year beginning October 1, 2020 and ending September 30, 2021. Ordinance 913 Pale 1 of SECTION 4: That the Town Council does hereby adopt the presented Investment Policy, Pay Plan Policy, Fiscal and Budgetary Policies, and the Restricted, Committed and Assigned Fund Balances, SECTION 5: That the Town Council hereby gives the Town Manager authorization to approve any appropriated funds up to the amount of $50,000. SECTION 6: That a copy of the official adopted 2020-2021 budget document shall be kept on file in the office of the Town Secretary. SECTION 7: If any portion of this Ordinance shall, for any reason, be declared invalid by any court of competent jurisdiction, such invalidity shall not affect the remaining provisions hereof and the Council hereby determines that it would have adopted this Ordinance without the invalid provision. SECTION 8: This Ordinance shall take effect immediately from and after its passage as the law in such case provides. PASSED AND APPROVED ON THIS 14th DAY OF SEPTEMBER 2020. ATTEST: afyL� i Todd Wood, Town Secretary APPROVP AS O FORM: L nto Town Attorney Laura Wheat, Mayor amallet" �a d�� -- Amanda DeGan, Town Manager OF WFS ,moo � Ordinance 913 Page 2 of 2