2019-2020 Proposed Fiscal Year Budget
Proposed fiscal year budget delivered to City Council
FBTX ~ City Manager Charles Cox has delivered to the City Council a $122.2 million proposed budget for the upcoming 2019-2020 fiscal year that emphasizes investment in public safety, infrastructure and equipment needed to continually improve services to citizens.
The proposed budget is $9 million, or 6.9 percent, less than the current budget that was adopted last year at $131.3 million. Although the property tax rate remains the same in this proposed budget, at 59.95-cents for every $100 of value, the valuation of properties in Farmers Branch, by the Dallas Central Appraisal District, has increased with the City's total taxable value up from $5.6 billion last year to $6.2 billon today.
As such, property tax revenue is expected to increase 11.4 percent to $31.5 million. Likewise, a 19 percent jump in sales tax is predicted, but a 53 percent drop in building permit revenue is anticipated. This is largely due to the bustling building boom on the west side of Farmers Branch settling into a more normal pattern of development.
Public Hearings on the proposed budget are planned during the regular Council meetings of August 20 and September 3. The Council will consider approval of the budget at their meeting of September 17.
Understanding the tax rate
By CHARLES COX, Farmers Branch City Manager
In accordance with the City Charter, last week the City Manager's Office delivered to the City Council a balanced budget of $122.2 million, based on leaving the City property tax rate constant at 59.95-cents for every $100 of property value.
Now, with that said, state law requires that in order to start the process of adopting a budget and setting a property tax rate, the City Council MUST first set the maximum property tax rate they can discuss during the upcoming public hearings and meetings.
In a special meeting yesterday, Council set a maximum ceiling on the property tax rate at 61-cents for purposes of discussion and deliberations. This will provide the Council the ability to fully discuss options necessary to best meet the needs of Farmers Branch residents. This does not mean the rate will be 61-cents and this designation does not change the City Manager's proposal of a stable rate at 59.95-cents.
The actual property tax rate will not be voted on until the City Council meeting on September 17. After numerous public meetings and scheduled public hearings at the Council meetings on August 20 and September 3.
It is also important to remember that City property taxes comprise only about 23 percent of your total property tax bill. Dallas County takes about 10 percent. School district taxes amount to about 52 percent and various other entities, like the Community College District and Parkland Hospital, make up the other 15 percent.