City Council sets maximum tax rate for FY 2019 budget
The Round Rock City Council voted Thursday, Aug. 9, to set a maximum property tax rate of 42.000 cents for the proposed fiscal 2018 budget.
The 42.000 cent rate is the same rate contained in the budget proposal and is a decrease of 1 cent from the current City property tax rate. Here is a comparison of the impact on a median value home of the current and proposed rates:
| FY 2018 Actual | FY 2019 Proposed | Difference | |
| Median residential property value | $227,714 | $241,538 | $13,824 |
| Median annual tax bill | $979/year | $1,014/year | $35/year |
The proposed rate is an increase of 1.4 cents from the effective tax rate, which is the rate that generates the same amount of revenue as last year based on the 9 percent growth in property values from last year. Of that 1.4 cent increase, 1 cent is for street maintenance projects, .3 cents is for operating costs associated with voter authorized bonds from the 2013 election and 0.1 cents is for additional operating costs to keep up with rising costs and growth.
Here is a breakdown of the proposed fiscal 2019 budget, which runs from Oct. 1, 2018 through Sept. 30, 2019:
| Budget Totals for FY 2019 | $356.9 million |
| General Fund (Police, Fire, Parks, Library, Planning and Development Services, IT, etc.) | $126.5 million |
| Total Capital Improvement Program (major construction projects) | $137.8 million |
| All Other* (not funded by property tax) | $92.6 million |
*Includes the City’s water and wastewater utility operations, stormwater drainage operations, the Round Rock Sports Center, tourism related programs and other services not funded in the General fund and not funded by property taxes.
The Council also voted to set the calendar for hearings on the budget and tax rate for fiscal year 2019.
Budget calendar
- Aug. 9 — City Council vote to publish and propose maximum tax rate, set public hearings
- Aug. 21 — City Council packet briefing and work session on proposed budget and tax rate
- Aug. 23 — Regular City Council meeting
- First tax rate public hearing
- Budget public hearing
- First reading vote to adopt tax rate and budget ordinances
- Aug. 30 — Special called City Council meeting for second tax rate public hearing
- Sept. 13 — Regular City Council meeting
- Final adoption of tax rate and budget ordinances
- Final adoption of utility rate ordinances
- Ratify property tax rate
The post City Council sets maximum tax rate for FY 2019 budget appeared first on City of Round Rock.
Source: City of Round Rock
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