2022 Tax Rate and Financial Info
No-new-revenue tax rate: $0.27646410/$100 valuation
Voter-approval tax rate: $0.30629865/$100 valuation
Note: The above two rates were calculated using the Texas Comptroller’s Office “2022 Tax Rate Calculation Worksheet.” The No-new-revenue rate, if adopted, is the rate that would generate the same amount of property tax revenues from the tax base (land and improvements) in place during the previous year. Since the appraised values of land and improvements in the City increased over last year, the No-new revenue tax rate is much lower than last year’s adopted tax rate of $0.359597/$100 valuation. The voter-approval rate is a rate set by the legislature as the highest rate that can be adopted without triggering a tax rate roll-back election. The voter-approval rate allows a 3.5% increase in the tax revenue collected from the tax base (land and improvements) in place during the previous year. Again, since the appraised values of land and improvements in the City increased over last year, the Voter-approval revenue tax rate, also, is much lower than last year’s adopted tax rate of $0.359597/$100 valuation. The methods established by the Texas State Legislature for calculating the No-new-revenue and voter-approval tax rates make no allowance for inflation. In the June 2022 Bureau of Labor Statistics report on CPI, it was noted that, “The Consumer Price Index for All Urban Consumers (CPI-U) increased 1.3 percent in June on a seasonally adjusted basis after rising 1.0 percent in May, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 9.1 percent before seasonal adjustment… The all items index increased 9.1 percent for the 12 months ending June, the largest 12-month increase since the period ending November 1981. “
Estimated end of FY 2021-22 unencumbered interest & sinking balance: $8,378
Estimated end of FY 2021-22 unencumbered General Fund balance: $6.32 million
Estimated end of FY 2021-22 unencumbered Utility Fund balance: $2.74 million
Original source can be found here
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