West U Tax Rate, Budget Public Hearings are Tonight
The West U City Council will hold two public hearings tonight for the city’s 2013 proposed budget and the proposed tax rate.
The council is expected to approve its budget and a tax rate that supports the 2013 budget on Oct. 22.
The proposed budget accounts for $31.3 million in revenues and $34.3 million in expenditures.
The budget is expected to raise more total property taxes than last year’s budget by $559,522 or 3.68 percent. Of that amount, $118,057.90 is tax revenue to be raised from new property added to the tax roll this year.
Property taxes account for 51 percent of the city’s revenue, or $15.8 million.
The proposed general fund budget, which funds almost all city services, accounts for about $14.62 million in revenues and $15.34 million in expenditures.
The largest portion of the general fund, or 65 percent, accounts for personnel and benefits.
The proposed budget accounts for a 1 percent structure adjustment and salary increase as of Jan. 1, 2013 and an average 2 percent pay-for-performance salary increase effective on staff’s anniversary dates. The budget also includes the annualization of the average 1.5 percent pay-for-performance on anniversary date plan that was approved in the 2012 budget.
The city council has set a not-to-exceed tax rate of $0.37411 per $100 valuation, which is the same tax rate as last year but it is higher than the effective tax rate.
The effective tax rate is the rate that would raise the same amount of revenue for the city as last year.
West U residents may pay more in property tax rates in 2013 even though the city’s tax rate may stay the same due to the increase in appraised property values.
If the city council approves the same tax rate as last year, the average resident with a home value of $753,383 per $100 valuation will pay an additional $7.08 per month.
Council will meet at 6:30 p.m. in the council chambers, 3800 University Blvd.
To view tonight’s agenda, click here.