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Forecast tax handout
TOWN WEDNESDAY #., FORECAST OF TAB BASE (Excluding Gas ells) FORECAST OF TAB BASE (Including Gas ells) 2 NEW FORECAST WITH O&M PROPERTY TAX RATE ($°1437) REVISED CAPITAL IMPROVEMENT PLA ($8M) VARIOUS BOND AND TAX SCENARIOS (LAWRENCE FINANCIAL) TOTAL PROPERTY TAX RATE SCENARIOS 1 TAX RATE COMPARISON TO OTHER CITIES 19 IMPACT BY HOME VALUE 2 UPDATED CALENDAR 21 ,r Excluding Gas Wells Town of Westlake 1 Real Estate Residential Property Totals " «' $ 524,507,964 $ 524,507,964 $ 534,998,123 !, $ 545,698,086 $ 556,612,047 : $ 567,744,288 ; $ 579,099,174 ! $ 590,681,158 $ 602,494,781 $ 614,544,676 $ 626,835,570 $ 639,372,281 $ 652,159,727 $ 665,202,922 2 Real Estate Commercial Property Totals 361,513,984 481,513,984 561,513,984 ! 572,744,264 584,199,149 595,883,132 j 607,800,795 619,956,810 632,355,947 ! 645,003,066 657,903,127 671,061,189 684,482,413 ! 698,172.062 3 Personal Property Commercial 72,919,459 72,919,459 ' 99,377,848 101,365,405 I 103,392,713 ! 105,460,568 j 107,569,779 109,721,174 111,915,598 114,153.910 116,436,988 118,765,728 121,141,042 123,563,863 4 Agriculture Taxable Property Total 67,829,626 67,829,626 69,186,219 70,569,943 ! 71,981,342 73,420,969 74,889,388 76,387,176 77,914,919 79,473,218 81,062,682 82,683,936 ! 84,337,614 ! 86,024,367 4 Ag Deferrals (Exemption) (67.568,554); (67,568,554) (68,919,925)1 (70,298,324) (71,704,290) (73,138,376) (74,601,143)! (76,093,166)! (77,615,030); (79,167,330) (80,750,677)', (82,365,690),; (84,013,004), (85,693,264) 5 Arbitration Cam estimated (33,037,056); (33,037,056); (33,697,797)', (34,371,753); (35.059,188) (35,760,372)' (36,475,579), (37,205,091)1 (37,949,193)1 (38,708,177), (39,482,340)', (40,271,987); (41,077,427)! (41,898,975); 5 Incomplete Accounts (4,574,461)' (4,574,461) (4,665,950)', (4,759,269): (4,854,455)', (4,951,544) ; (5,050,575)1 (5,151,586); (5,254,618) (5,359,710); (5,466,904)' (5,576,242)•; (5,687,767); (5,801,523), 5 20% Homestead Exemption (62,128,171)' (62,128,171) (63,370,734), (64,638,149)!1 (65,930,912), (67,249,530)' (68,594,521)] (69,966,411)! (71,365,740)' (72,793,054)'1 (74,248,915)' (75,733,894)'; (77,248,572), (78,793,543)'; 5 Disabled Vets (12,000)1 (12,000)! (12,240), (12,485)' (12,734)! (12,989),, (13,249);, (13,514): (13,784)'; (14,060); (14,341)1 (14,628); (14,920) (15,219)' 5 Absolute Exemptions 6,038,661 6,038,661 (6,159,434 ) ! 6,282,623: 6,408,275 (6,536,441 ) 6,667,170 ! 6,800,513 6.936,523 7,075,254 (7,216,7591 7,361,094 7,508,316 7,658,462 $ 678,506,980 712,135,503 126,035,141 87,744,854 -; (87,407,129), (42,736,955); (5,917,553); Tarrant Cty Certified Taxable Value 853,412,130 j 973,412,130 1,088,250,093 1,110,015,095 j 1,132,215,397 ! 1,154,859,705 1,177,956,899 1,201,516,037 1,225,546,357 !, 1,250,057,285 !1 1,275,058,430 1,300,559,599 1,326,570,791 1,353,102,207 1,380,164,251 ,6 Denton County Taxable Property Total 1352,244 ; 1352 244 1352 244 ! 1.379,289 1,406,875 1435,012 1,463,712 1,492,987 1,522,846: 1,553,303 1,584,369 ; 1.616,057 1,648,378 ! 1,681,345 1,714,972 Certified Tax" Vats 854,764,374 , 974,764,374 1,089,602,337 1,111;394.384 1,133,622,271 ' 1,158,294,717 , 1,179,420,611 ' 1,203,M,023 ; 1,227,069,2 "; 1,251,610438 1,276,692,800 1,M175,666 , 1,329,219,169 1,354,783,552 1,381,879,223 AWAMAS awirWMS 7 Fidelity Phase I tax abatementfrebate (61,675,718)'1 8 Fidelity Phase If tax abate. /rebate (thru FY 18 -19) (72,036,961), (72,036,961); (73,477,700) (74,947,254)! (76,446,200)', (77,975,124); (79,534,626) (81,125,319), (82,747,825)' 9 Fidelity Phase I comm. personal propeny.66% (7,366,679)', 10 Fidelity Phase 11 comm. personalproperty.33% (3,683,339)', (3,757,006)', (3,832,146)1 (3,908,789)! (3,985,965) (4,066,704); (4,148,038)' (4,230,999): (4,315,619)1 11 Deloitte tax abatementimbate (thruFY20.21) (90,000,000)1 (150,000,000)', (153,000,000); (156,060,000)1 (159,181,200). (162,364,824)' (165,612,120)! (168,924,363)1, (172,302,850)', (175,748,907)' 12 DeloiBe commercial personal property 18,750,000 19,125,000 ! 19,507,500 i 19,897,650 20,295,603 20,701,515 21,115,545 21,537,856 21,968,613)', 22,407,986 Total Net Taxable Value 710001,678 808,970407 843,542,490 860,413,340 877,621,607 $95,114,039 913,077,520 931,339,070 949,965,852 1,057,769,881 1,078,925,279 1,279,767,670 1,328219,169 1,354,783,552 1,381,879,223 Assumption of 98% collection rate $ 695,801,643 $ 792,790,999 $ 826,671,640 $ 843,205,073 $ 860,069,175 $ 877,270,558 $ 894,815,969 $ 912,712,289 $ 930,966,535 $ 1,036,614,484 $ 1,057,346,773 $ 1,254,172,317 $ 1,301,654,785 $ 1,327,687,881 $ 1,354.241,639 `"` 65 and older taxable value represents $24,091,253 which is not included in the totals above Assumptions: 1 Current residential valuations remain Bat for FY 11 -12 and then increase 2% annually (nflation plus new improvements) 2 Current commercial valuations remain flat for FY 11.12 + $120K (80% of $150M cost on Deloitie) and flat for FY 12 -13 + $80K (80% of $100M on Deloide) and then increase 2% annually 3 Commercial personal property valuations remain flat for FY 11.12 and then increase at 2% annually, plus estimated increase of $25M from new development at Deloitte. 4 Agriculture valuations and deferrals remain flat for FY 11.12 and then increase 2 % annually 5 Based on TAD amounts on comfed 7.25.10 values; Remain Bat for FY 11.12 and then increase 2% in subsequent years 6 Denton County Taxable Property is flat for FY 11.12 and FY 12 -13 and then appreciates 2% annually 7 90% Fidelity Phase I tax abatement; 2010 Roll taxable value $68,528,575. Rebate effective until mid -2011 under 2000 economic development agreement 8 90% tax abatement for 10 years beginning year of intial CO; Thru FY 18119; 2010 Roll taxable value $80,041,068, flat for FY 11.12 and 2% annual appreciation in subsequent years. 9 2010 Roll taxable value of personal property $12,277,810 for All Fidelity - Assumed 66% for Phase I 10 2010 Roll taxable value of personal property $12,277,810 for ALL Fidelity - Assumed 33% for Phase II; flat for FY 11 -12 with 2% annual appreciation in subsequent years. 11 75% tax abatement for 10 years; assumes CO in -mid 10111, with taxable value of $120M on tax rolls as of Jan. 2011, $80M as of Jan. 2012 12 Assumes $25M in taxable commercial personal property in FY 12113, abated at same schedule as #11 with 2% annual appreciation. Page 1 �Including Gas e61s Town of Westlake Real Estate Residential Property Totals Real Estate Commercial Property Totals Personal Property Commercial Gas Well Production Agriculture Taxable Property Total All Deferrals (Exemption) Arbitration Cases estimated Incomplete Accounts 20% Homestead Exemption Disabled Vets Absolute Exemptions Tarrant County Certified Taxable Value Denton County Taxable Property Total Certified Taxable Value $ 524,507,964 ! $ 524,507,964 ` $ 534,998,123 $ 545,698,086 361,513,984 481,513,984 561,513,9841 572,744,264 72,919,459 ! 72,919,459 99,377,848 101,365,405 14,000,000 !,' 34,000,000 54,000,000 67,829,626 i 67,829,626 ! 69,186,219 70569,943 (67,568,554)1 (67,568,554)' (68,919,925) (70,298,324) (33,037,056)'; (33,037,056); (33,697,797)'; (34,371,753) (4,574,461)' (4,574,461)! (4,665,950) ] (4,759,269) (62,128,171); (62,128,171)] (63,370,734)1 (64,638,149) (12,000)1 (12,000)', (12,240) (12,485) $ 556,612,047 584,199,149 103,392,713 62,800,000 71,981,342 (71,704,290) (35,059,188) (4,854,455) (65,930,912) (12,734) 6 567,744,288 { $ 579,099,174 ( $ 590.681,158 $ 595,883,132 - 607,800,795 619,956,810 105,460,568 107569,779 109,721,174 66,800,000 70,800,000 74,800,000 73,420,969 74,889,388 ! 76,387,176 (73,138,376)! (74,601,143)! (76,093,166); (35,760,372)' (36,475,579)', (37,205,091)] (4,951,544), (5,050,575)' (5,151,586)1 (67,249,530)', (68,594,521), (69,966,411)! (12,989)! (13,249)', (13,514); 602,494,781 $ 614,544,676 ! $ 626,835,570 1 $ 632,355,9471 645,003,066' 657,903,127 111,915,598 114,153,910 116,436,988 78,800,000 82,800,000 ! 82,800,000 77,914,919 79,473,218 81,062,682 (77,615,030)! (79,167,330)', (80,750,677) (37,949,193); (38,708,177)' (39,482,340)'. (5,254,618); (5,359,710)', (5,466,904)' (71, 365, 740)' (72,793,054)'; (74,248,915)': (13,784)1 (14,060) (14,341)' 639,372,281 $ 652,159,727 ! $ 665,202,922 !; $ 678,506,980 671,061,1891 684,482,413! 698,172,062': 712,135,503 118,765,728 121,141,042 123,563,863 126,035,141 66,800,000 50,800,000 38,000,000 38,000,000 82,683,936 84,337,614 ! 86,024,367 87,744,654 (82,365,690)'; (84,013,004); (85.693,264), (87,407,129); (40,271,987)'; (41,077,427), (41,898,975) (42,736,955)'; (5,576,242)1 (5,687,767)# (5,801,523); (5,917,553)' (75,733,894); (77,248,572)', (78,793,543) , (80,369,414)', (14,628); (14,920)' (15,219), (15,523)' 853,412,130 987,412,130 j 1,122,250.093 1,164,015,095 1195,015,397 1,221,659,705 1,248,756,899 1,276,316,037 j 1,304,346,357 1,332,857,285 1 1,357,858,430 1,367,359,599 1,377,370,791 !, 1,391,102,207 1,418,164,251 1,352,244 1,352,244 1,352,244 1,379,289 1,406,875 1,435,012 ! 1,463,712 1,492,987 1,522,846 ! 1,553.303 1,584,369 1,616,057 1,648,378 ! 1,681,345 1:714,972 864,764,374 988,764,374. 1,123,6OZ337 1,166,394,384 1,196,422271 1,223, 4,717 % 1,254226,611 1,277,809,023 1,305,868,204 1,334,416,588 ! 1",44200 1,368,876,656 1,378;618,169 1,392,783,552 1,418,878.223 A 8 Fidelity Phase I tax abatement/rebate (61,675,718)' 9 Fidelity Phase 11 tax abatement /rebate (thruFY1! (72,036,961) (72,036,961)] (73,477,700)1 (74,947,254)], (76,446,200), (77,975,124) ; (79,534,626) ; (81,125,319)' (82,747,825) 10 Fidelity Phase I commercial personal property .66 (7,366,679)1 11 Fidelity Phase If commercial personal property .X (3,683,339)'; (3,757,006)' (3,832,146)1 (3,908,789)' (3,986,965)! (4,066,704); (4,148,038)! (4,23009)', (015.6119); 12 Debitte tax abatementirebate (thru FY 20.21) (90,000,000)! (150,000,000)! (153,000,000), (156,060,000)', (159,181,200); (162,364,824); (165,612,120)1 (168,924,363)' (172,302,850)! (175.748,907) 13 Debitte commercial personal property 18,750,000 19,125,000 19,507,500 ! 19,897,650 20,295,603 24701,515 21,115,545)1 21,537,856 21,968,613 ! 22,407,986 Total Net Taxable Value 710,001,676 822,970,407 877,542,490 914 ,413,340 944421,607 961,974,039 983,877,520 1,006,139,070 1,028,765,852 1,140,569,881 1,161,725,279 1,346,567,670 1,379,019,169 1,392,783,552 1,419,879,223 Assumption of 98% collection rate $ 695,801,643 $ 806,510,999 $ 859,991,640 $ 896,125,073 $ 921,613,175 $ 942,734,558 $ 964,199,969 $ 986,016,289 $ 1,008,190,535 $ 1,117,758,484 $1,138,490,773 $ 1,319,638,317 $1,351,438,785 $ 1,364;927,881 $ 1,391,481,639 — 65 and older taxable value represents $24,091,253 which is not included in the totals above A 1 Current residential valuations remain flat for FY 11 -12 and then increase 2% annually (inflation plus new improvements) 2 Current commercial valuations remain flat for FY 11.12 + $120K (80% of $150M cost on Debitte) and flat for FY 12 -13 + $80K (80% of $100M on Debitte) and then increase 2% annually 3 Commercial personal property valuations remain fiat for FY 11 -12 and then increase at 2% annually, plus estimated increase of $25M From new development at Deloitte. 4 Gas well assumption. $2M years 13; $400K thereafter, 7 wells in FY 11 -12,10 added annually from 2013 -2020, and 8 wells added in 2021 (Total of 95 wells) 5 Agriculture valuations and deferrals remain flat for FY 11 -12 and then increase 2 % annually 6 Based on TAD amounts on certified 7.25.10 values; Remain flat for FY 11 -12 and then increase 2% in subsequent years 7 Denton County Taxable Property is flat for FY 11 -12 and FY 12.13 and then appreciates 2% annually 8 90% Fidelity Phase I tax abatement; 2010 Roll taxable value $68,528,575. Rebate effective until mid -2011 under 2000 economic development agreement 9 90% tax abatement for 10 years beginning year of intial CO; Thm FY 18/19; 2010 Roll taxable value $80,041,068, flat for FY 11.12 and 214 annual appreciation in subsequent years. 10 2010 Roll taxable value of personal property $12,277,810 for All Fidelity - Assumed 66% for Phase I 11 2010 Roll taxable value of personal property $12,277,810 for ALL Fidelity - Assumed 33% for Phase 11; flat for FY 11.12 with 2% annual appreciation in subsequent years. 12 75% tax abatement for 10 years; assumes CO in-mid 10/11, with taxable value of $120M on tax rolls as of Jan. 2011, $80M as of Jan. 2012 13 Assumes $25M in taxable commercial personal property in FY 12113, abated at same schedule as #11 with 2% annual appreciation. Page 2 Includes Major Maintenance and Vehicle & Equipment Replacement (except for Ambulance, Apparatus (remount Ambulance), and Fire Pumper Truck. Only external funded capital and Utility Fund Capital projects are included. _'44 4 L I 20 Beginning Fund Balance $ 1,244,946 $ 938,309 $ 819,405 $ 700,890 $ 583,016 $ 471,087 1 Beginning Fund Balance 2,675,310 $ 3,316,014 $ 3,198,553 $ 3,028,766 $ 2,713,366 $ 2,274,124 2 Sales Tax 1,490,000 1,250,000 1,250,000 1,250,000 1,250,000 1,250,000 Property Tax Revenue ($.1437 Tate assumed) (323,480) 999,867 1,139,241 1,187,927 1,211,686 1,235,919 3 Contribution from Academy 100,000 (180,944) (182,416) (183,692) (179,722) (180,852) 4 Revenues (Deloitte pymt 09-10 $1,429,400) 3,195,244 1,640,765 1,689,988 1,740,688 1,792,908 1,846,695 5 Transfer In - Utility Fund (Fort Worth Impact Fees) 40,000 18,000 18,540 19,096 19,669 20,259 6 Transfer In - Property Tax Reduction Fund 50,000 - - - - - 7 Expenditures (2,138,925) (1,891,633) (1,948,382) (2,006,833) (2,067,038) (2,129,050) 8 Payroll, Benefits and Related Expenditures (1,974,824) (2,098,702) (2,161,663) (2,226,513) (2,293,308) (2,362,108) 9 Transfer Out - General Major Maint (Annual contr.) 39 Expenditures (5,000) (5,000) (5,000) (5,000) 10 Transfer Out - Economic Development (35,758) (35,758) (35,758) (35,758) (35,758) (35,758) 11 Transfer Out -General Major Maintenance Fund (0) $ (0) 12 Transfer Out - Vehicle/Equipment Replacement Fund (5,000) (116,752) (239,007) (312,400) (40,500) 13 Transfer Out - WA (Parking lot for A&S Project) (79,432) 14 Transfer Out - Capital Projects - - - - - Is Net Total 3,316,014 3,198,563 3,028,766 2,713,366 2,274,124 2,054,582 16 Restricted Funds (Court restrictions) 194,540 197,800 197,800 197,800 197,800 197,800 17 Ending Balance (projected) $ 3,121,474 $ 3,000,753 $ 2,830,966 $ 2,515,566 $ 2,076,324 $ 1,856,782 18 Operating Days 277 274 251 217 174 151 20 Beginning Fund Balance $ 1,244,946 $ 938,309 $ 819,405 $ 700,890 $ 583,016 $ 471,087 21 Revenues 479,975 478,975 493,344 508,145 523,389 539,091 22 Payroll and Related Expenditures (183,856) (174,973) (180,222) (185,629) (191,198) (196,934) 23 Expenditures (323,480) (241,962) (249,221) (256,697) (264,398) (272,330) 24 Transfer Out - Debt Service Fund ($2.5 issue) (179,276) (180,944) (182,416) (183,692) (179,722) (180,852) 26 Transfer Out - Capital Projects (100,000) - - - - - 27 Net Total (projected) 938,309 819,405 700,890 583,0116 471,087 360,061 28 Designated (Historical/Public Arts) - - - - - - 2s Ending Balance (projected) $ 938,309 $ $19,405 $ 700,890 $ 503,016 $ 471,087 $ 360,061 30 Operating Days 675 717 596 481 377 280 31 32 Beginning Fund Balance $ 163,356 $ 155,881 $ 148,743 $ 141,220 $ 133,295 $ 124,953 33 Revenues 16,875 17,213 17,557 17,908 18,266 18,631 34 Transfers In - - - - - - 35 Expenditures (24,35 (24,350) (25,081) (25,833) (26,608) (27,406) 36 Ending Balance (projected) $ 155,881 $ 148,743 $ 141,220 $ 133,295 $ 124,953 $ 116,178 37 Beginning Fund Balance $ 8 $ (0) $ (0) $ (0) $ (0) $ (0) 38 Transfers In 1,256 - - - - - 39 Expenditures (1,264) - - - - - 40 Ending Balance (projected) $ (0) $ (0) $ (0) $ (0) $ (0) $ (0) Page 3 Includes Major Maintenance and Vehicle & Equipment Replacement (except for Ambulance, Apparatus (remount Ambulance), and Fire Pumper Truck. Only external funded capital and Utility Fund Capital projects are included. 777 w"44 '17Y , , 41 $ - $ - $ - $ - $ - $ - 54 Beginning Fund Balance 1,068,034 $ 42 Beginning Fund Balance 1,553,247 $ 1,365,866 $ 1,025,660 $ 667,807 55 Revenues 870,000 812,500 625,000 625,000 625,000 43 Revenues $ 250,000 $ 375,000 $ - $ - $ - $ (480,103) 44 Transfers In from GF (661,605) 35,758 35,758 58 Transfer Out - Vehicle & Equipment Replacement 35,758 (10,000) 35,758 35,758 (312,400) 35,758 45 Expendures (1,256) (285,7 (410,758) (35,758) - (35,758) (35,758) (35,758) 46 Ending Balance (projected) 61 Transfer Out - General Major Maintenance Fund (23,000) (41,274) (33,248) (64,594) (16,500) (61,752) 62 Transfer Out - General Fund (50,000) - - - - - 63 Ending Balance (projected) $ 1,266,324 $ 1,553,247 $ 1,365,866 $ 484, 0 8 667,807 $ 517,732 47 Beginning Fund Balance $ 297,308 $ 267,577 $ 237,846 $ 208,115 $ 178,384 $ 148,653 48 Revenues 870,000 812,500 625,000 625,000 625,000 625,000 49 Interest 375 - - - - - 50 Transfer Out - Debt Service Fund (900,106) (842,231) (654,731) (654,731) (654,731) (254,731) 51 Ending Balance (projected) $ 267,577 $ 237,846 $ 208,1115 $ 178,384 $ 148,653 $ 1118,922 52 (Balance sheet accounts due to/from - receive $29,731 through 2019) All funds received are being transferred to Debt Service 63 -Ti $ - $ - $ - $ - $ - $ - 54 Beginning Fund Balance 1,068,034 $ 1,266,324 $ 1,553,247 $ 1,365,866 $ 1,025,660 $ 667,807 55 Revenues 870,000 812,500 625,000 625,000 625,000 625,000 56 Interest 5,800 5,800 182,416 183,692 179,722 180,852 57 Transfer Out - Debt Service Fund (420,368) (480,103) (662,803) (661,605) (663,953) (662,823) 58 Transfer Out - Vehicle & Equipment Replacement (89,336) (10,000) (116,330) (239,007) (312,400) (40,500) 59 Transfer Out - FM 1938 (1,256) - so Transfer Out - Capital Projects (93,550) 61 Transfer Out - General Major Maintenance Fund (23,000) (41,274) (33,248) (64,594) (16,500) (61,752) 62 Transfer Out - General Fund (50,000) - - - - - 63 Ending Balance (projected) $ 1,266,324 $ 1,553,247 $ 1,365,866 $ 1,025,660 $ 667,807 $ 517,732 64 65 Beginning Balance $ - $ - $ - $ - $ - $ - 66 Transfer In - 4B Economic Development Fund 900,106 842,231 654,731 654,731 654,731 654,731 67 Transfer In - Property Tax Reduction Fund 420,368 480,103 662,803 661,605 663,953 662,823 68 Transfer In - Visitors Assoc Fund $2.5 issue 179,276 180,944 182,416 183,692 179,722 180,852 69 Expenditures - Debt Service (1,499,750) (1,503,278) (1,499,950) (1,500,028) (1,498,406) (1,498,406) 70 Ending Balance (projected) $ $ $ - $ - $ $ Page 4 Includes Major Maintenance and Vehicle & Equipment Replacement (except for Ambulance, Apparatus (remount Ambulance), and Fire Pumper Truck. Only external funded capital and Utility Fund Capital projects are included. ruod A 71 Beginning Fund Balance $ 1,496,710 $ 1,290,356 $ 1,203,949 $ 877,931 $ 870,690 $ 871,078 72 Revenues 2,362,516 2,408,766 2,481,029 2,555,460 2,632,124 2,711,087 73 Impact Fees 40,000 18,000 18,540 19,096 19,669 20,259 74 Payroll, Benefits, and Related Expenditures (226,063) (227,292) (234,111) (241,134) (248,368) (255,819) 75 Expenditures (742,654) (742,893) (765,180) (788,135) (811,779) (836,133) 76 Water Purchases (1,051,600) (1,051,600) (1,083,148) (1,115,642) (1,149,112) (1,183,585) 77 Debt Service (Hillwood Infrastructure Pyrnt) (50,000) (108,000) (111,240) (114,577) (118,015) (121,555) 78 Debt Service (Keller Overhead Storage) (116,053) (116,468) (116,668) (118,212) (119,462) (118,949) 79 Debt Service (Ground Storage Tank/annual payments) - (185,000) (185,000) (185,000) (185,000) 80 Capital Projects (360,000) (248,920) (311,700) 81 Transfer Out - Utility Major Maintenance (annual contributi (22,500) 82 Transfer Out - General Fund (Impact Fees) (40,000) (18,000) (18,540) (19,096) (19,669) (20,259) 85 Net Fund Balance 1,290,356 1,203,949 877,931 870,690 871,078 881,124 86 Restricted Funds 135,000 135,000 135,000 135,000 135,000 135,000 87 Ending Fund Balance (projected) $ 1,155,356 $ 1,068,949 $ 742,931 $ 736,690 $ 736,078 $ 746,124 88 Operating Days 193 174 117 113 110 108 95 el�lf *�i'sairT 0000 oty"A 04for-14,661 01WId, 102 Beginning Fund Balance $ 50,000 $ 65,050 $ 65,050 $ 65,050 $ 65,050 $ 65,050 103 Interest Income 50 104 Transfer in - Utility Fund (annual contritbution) 22,500 - - - - - 105 Expenses (7,500) - - - - - 106 Ending Fund Balance (projected) $ 65,050 $ 65,050 $ 65,050 $ 65,050 $ 65,050 $ 65,050 Page 5 89 Beginning Fund Balance 62,000 $ 72,210 $ 422 90 Revenue 50 91 Transfer In - General Fund 5,000 - - 92 Transfer In - Property Tax Reduction Fund 89,336 10,000 116,330 239,007 312,400 40,500 93 Expenditures (84,1 (81,788) (116,752) (239,007) (312,400) (40,500) 94 Ending Balance (projected) 72,211 $ 422 $ $ $ $ 95 el�lf *�i'sairT 0000 oty"A 04for-14,661 01WId, 102 Beginning Fund Balance $ 50,000 $ 65,050 $ 65,050 $ 65,050 $ 65,050 $ 65,050 103 Interest Income 50 104 Transfer in - Utility Fund (annual contritbution) 22,500 - - - - - 105 Expenses (7,500) - - - - - 106 Ending Fund Balance (projected) $ 65,050 $ 65,050 $ 65,050 $ 65,050 $ 65,050 $ 65,050 Page 5 Fire Pumper Truck. Only external funded capital and Utility Fund Capital projects are included. Ambulance), and J�' t, 118 A02 4, 119 Beginning Fund Balance $ 7,351,630 $ 7,665,830 Z OOM $ 6,632,273 $ 5,814,176 Io W,-" 120 RevenuesfTransfers In -4, 10,852,796 10,348,800 "bosprip ify, 10,533,651 121 Expenditures/Transfers Out (11,348,935) (11,047,251) (11,187,902) (11,636,084) (12,004,120) (11,032,460) 122 Ending Fund Balance (projected) 7,665,830 7,471,374 6,632,273 5,814,176 4,857,753 4,358,944 123 Restricted Funds 559,931 563,191 563,191 563,191 563,191 563,191 124 107 Beginning Fund Balance $ 13,569 13,669 13,769 14,044 14,325 $ 14,612 108 Interest Income 100 100 275 281 287 292 109 Ending Fund Balance (projected) $ 13,669 13,769 14,044 14,325 14,612 $ 14,904 000* O Ila Beginning Fund Balance 230,391 $ 230,391 230,391 $ 230,391 230,391 $ 230,391 ill Interest Income 400 112 Contributions 20,950 425,000 300,000 425,000 461,636 - 111 Transfers in - General Fund 600 - - - - 112 Transfers In- Property Tax Reduction Fund 93,550 113 Transfers In - Visitors Association Fund 100,000 114 Expenditures (215,6 (425,000) (300,000) (425,000) (461,636) - 115 Net Ending Fund Balance (projected) 230,391 230,391 230,391 230,391 230,391 230,391 116 Restricted Funds 230,391 230,391 230,391 230,391 230,391 230,391 117 Endinq Fund Balance ( projected) $ (0) $ (0) $ (0) $ (0) $ (0) $ (0) J�' t, 118 A02 4, 119 Beginning Fund Balance $ 7,351,630 $ 7,665,830 $ 7,471,374 $ 6,632,273 $ 5,814,176 $ 4,857,753 120 RevenuesfTransfers In 11,663,135 10,852,796 10,348,800 10,817,987 11,047,697 10,533,651 121 Expenditures/Transfers Out (11,348,935) (11,047,251) (11,187,902) (11,636,084) (12,004,120) (11,032,460) 122 Ending Fund Balance (projected) 7,665,830 7,471,374 6,632,273 5,814,176 4,857,753 4,358,944 123 Restricted Funds 559,931 563,191 563,191 563,191 563,191 563,191 124 Page 6 FYIO-11, FY 1112 FY 12 -13 I FY 13-14 1 FY W TOTAIS General Major Maintenance Fund Wyck Hill resurface i$ I$ I $ 1 $ 35,560 1 $ 35,560 1 Main Street (170 to Westlake/Roanoke limits) I 1 1 12,192 1 12,192 16 - Total OF Public Woft I's $ 47,7-S2 1,$ 47,752 Page 7 i3ESCRW -nok I FY W11i I F'Y 11 -1z I Fi x-13 fV 13.3+x. I IFY 14-15 1 TOTALS Grass Fire Unit (Possible Grant /not incl. in total) $ 105,000 $ - $ $ $ $ 105,000 Apparatus - Re -mount Ambulance - 105,000 5,000 5,500 - 105,000 Monitor /Defibrillators /AEDS (Possible Grant /not incl.) 70,000 5,5()0 5,000 70,000 Ambulance Box, Chassis and Equipment - 19,741 20,254 20,900 230,000 230,000 Quint with 80' aerial ladder 21,844 22,858 23,452 1,375,000 1,375,000 D4pt 14 - Total FireJEMS {net of grant possibiRties) 175,M '$ 1t1SAW 1,37S,t100 $ ?3U,400 $ 1'885,(100 WA - Update Security System 10,000 10,000 WA - Update Security Cameras 5,080 5,000 5,000 5,500 - 20,580 WA - HVAC System replacement 5,080 5,5()0 5,000 15,580 WA -15 tan split systems 8,128 19,741 20,254 20,900 - 69,023 WA -2 ton rooftop units 21,844 22,858 23,452 68,154 WA -A /C 2 ton & 7.5 ton (server room) 10,160 10,160 WA - Heater boilers 20,320 10,000 30,320 IlDept 17 - Total facilities & Grounds Maintenance $ i 50;292 $ 67,9191$ 48,706 $ 31,900 $ 25,01W $ 223,817 GRAisCO�QT1ti. `` �36�788 $ ,: 271.,752 `, 2.391107, 1,G87�{0i3 � X70,500 � „_' 2,6757,, Page 8 E E E E E fy #Yo�* iill-4 i� GENERAL GOVERNMENTAL PROJECTS Stagecoach Hills Street Reconstruction & Drainage 60,000 200,000 338,714 51,950 1 114290 ���50 4235000 49,240 4,987,400 338,714 Mahotea Boone Reconstruction & Drainage 349,371 67,056 - 150,000 927,420 2,255,000 67,056 Aspen Lane Reconstruction and Drainage - 187,020 200,000 - 187,020 Dove Road Reconstruction & Drainage (Vaq - TB) 265,500 45,720 - 45,000 495,000 495,000 Roanoke Road Reconstruction & Drainage (N of 170) - - 243,048 - - 243,048 Roanoke Road Reconstruction & Drainage (170 -DC) 50,000 307,008 307,008 Ottinger Road Reconstruction & Drainage (WLA - limits) 50,800 337,389 - 388,189 Sam School Road Reconstruction 8, Drainage - - 208,910 li 208,910 Streets Survey 100,000 - 100,000 Flashing crosswalks - - 50,000 50,000 I'M 1938 Streetscape/Wayfinding 250,000 200,000 480,000 200,000 1,430,000 Pearson (Aspen-Dove) 0.5 miles 60,000 200,000 60,960 080 51,950 1 114290 ���50 4235000 49,240 4,987,400 200,000 Dove (FM 1938 - Glenwyck) 0.5 miles 349,371 - 150,000 927,420 2,255,000 150,000 Ottinger (WA - Dove) 0.5 miles - - 200,000 - 200,000 Park Improvements 265,500 45,720 25,975 45,000 55,000 200,000 371,695 Ottinger (WA - Cemetery) 0.25 miles - - - 150,000 - 150,000 I Glenwyck Playground Equipment 50,000 50,000 100 GOO Water Well for Civic Campus 60,000 60,960 080 51,950 1 114290 ���50 4235000 49,240 4,987,400 Westlake Academy - South Parking Area 349,371 91,440 927,420 2,255,000 i Westlake Academy - West Parking Improvements 20,000 112,212 259,750 112,212 -FM IS38 Streetscape/Wayfinding *00,0110,01 777-7-77777-7-, t tit fS 77777:7$'71 IN 00" "t M W "s "WR Unfunded Protects Municipal Complex 60,960 080 51,950 1 114290 ���50 4235000 49,240 4,987,400 Westlake Academy - New Clasroorn Building 91,440 927,420 2,255,000 i Westlake Academy - Cover Existing Walkway 259,750 -FM IS38 Streetscape/Wayfinding *00,0110,01 t iFi t tit um Page 9 CEMETERY FUND ACADEMY WESTLAKE �h M "Q} �` ,. e TRA Assumption of N1 Sewer Line -1 Sewer Line Transfer I& I Study/Repairs 121,920 Stagecoach Hills waterline connection m! 1!1 of P! PP t/i tP Ground Stg tank em t �' "' ''^; r ; d . " 3- , `'e z;,x s`.($x °.�. �, .,�'+y rr "_�*° s _,..,.m m.C:kbnw..( �.. ".. ... '• �:�w, ..w- ..._,�: r~: y�q n ,?ke ` 3 ..e� -. ^% rt ;` �4 1e ....,. �+£. p k `� 4y���`„�..�`•"«lJYi g Tx'^*3�^` h. e. r i..0 t �. a. �y CONTRIBUTIONS /GRANTS Deloitte Trail Connection - Dove f • Rs.- -� of mm rt1 PP t/i !aa 0r11,1s 11 a � 1� Xl`a"- ' f 1938 Streetscape /ayfinding Project i FM 1938 Streetscape/Wayfinding (GF CASH) E } !If raft f /tf ��tf 1 i Ii} - • :s R E FM 1336 Page 10 -- Iy. 3 ��w.. xx.. el.+} �i�F.. d�aa�.,..:.",... r' �as5; �' ��° d��" i++k�r#�.wc%fi�r�s�,���`�'€��' -� e.�Fw�'r+:a. Page 10 3=v, m PUT M, I&S Tax Rate Analysis - $2.5 Million (with gas wells) A I&S Tax Rate Analysis - $5.0 Million (with gas wells) � I Tax Rate Analysis - $8.0 Million (with gas wells) Lawrence Financial Consulting LLC LFC Independent Financial Advisor for Texas Issuers c, x i s Registered Dealer Under the Texas Securities Act (214) 340-1954 (Phone) (214) 343-3456 (Fax) dawrence �LtLras.cmn (E-mail) �t �./NLww,,V texas.eUmi (Web site) Lt,e@YVL le Page 11 I & S Tax Rate Analysis ($2.5 Million CO - Gas Wells Excluded from TAV) FYE Existing Estimated Ali Debt Less: 9/30 TAV(') Debt (2) 2010 CO(3) - Combined Sales Tax 2011 710,001,676 1,501,778 62,104 1,563,882 (1,501,"7'78) 2012 808,970,407 1,498,450 182,155 1,680,605 (1,498,450) 2013 843,542,490 1,498,528 185,718 1,684,246 (1,498,528) 2014 860,413,340 1,496,906 184,011 1,680,917 (1,496,906) 2015 877,621,607 1,498,442 181,938 1,680,380 (1,498,442) 2016 895,174,039 1,497,864 184,380 1,682,244 (1,497,864) 2017 913,077,520 1,500,197 181,438 1,681,634 (1,5K 197) 2018 931,339,070 1,505,089 183,230 1,688,319 (1,505,089), 2019 949,965,852 1,501,257 184,703 1,685,960 (1,501,257) 2020 1,057,769,881 1,499,870 185,811 1,685,681 (1,499,870) 2021 1,078,925,279 1,501,461 181,686 1,683,147 (1,501,461) 2022 1,279,767,670 1,500,744 182,350 1,683,094 (1,500,744) 2023 1,328,219,169 1,497,719 182,678 1,680,396 (1,497,719) 2024 1,354,783,552 1,502,385 182,623 1,685,007 (1,502,385) 2025 1,381,879,223 1,498,530 182,206 1,680,736 (1,498,530) 2026 1,409,516,807 1,492,154 186,354 1,678,507 (1,492,154) 2027 1,437,707,144 1,499,082 185,053 1,684,134 (1,499.1082) 2028 1,466,461,286 1,503,668 183,389 1,687,056 (1,503,668) 2029 1,495,790,512 1,319,945 181,353 1,501,298 (1,319,045; 2030 1,525,706,322 1,316,095 183,870 1,499,965 (1,316,095) 2031 1,556,220,449 1,320,060 - 1,320,060 (1,320,060) 2032 1,587,344,858 1,316,160 - 1,316,160 (1,316,160) Totals 132,266,372 S 35,813.42 1-U11 ?66.7 U 1 Est. US Tax Rate(4 (1) Includes Town estimates through 2024 -25 fiscal year (excluding gas wells) and 2% annual growth thereafter. (2) Includes the Issuer's 2002, 2003, 2007 and 2008 Bonds and CO's. (3) Based on average interest rate of 3.7 %; subject to change. (4) Assumes a 98% tax collection ratio. Lawrence Financial Consulting LLC Page 12 I & S Tax Rate Analysis (,$5.0 Million CO - Gas Wells Excluded frown TA V) FYE Existing Estimated All Debt Less: 9130 TAV"' Debt (2) 2010 CO") Combined Sales Tax 2011 710,001,676 1,501,778 124,230 1,626,008 (11,501,778) 2012 808,970,407 1,498,450 364,340 1,862,790 (1,498,450) 2013 843,542,490 1,498,528 366,503 1,865,031 (1,498,528) 2014 860,413,340 1,496,906 368,128 1,865,033 (1,496,906} 2015 877,621,607 1,498,442 368,925 1,867,367 (1,498,442) 2016 895,174,039 1,497,864 368,755 1,866,619 (1,497,864) 2017 913,077,520 1,500,197 367,800 1,867,997 (1,500,197) 2018 931,339,070 1,505,089 366,315 1,871,404 (1.505,089) 2019 949,965,852 1,501,257 364,338 1,865,595 (1,501257) 2020 1,057,769,881 1,499,870 366,714 1,866,583 (1,499,870) 2021 1,078,925,279 1,501,461 368,461 1,869,922 (1,501,461) 2022 1,279,767,670 1,500,744 364,705 1,865,449 (1,500,744) 2023 1,328,219,169 1,497,719 365,360 1,863,079 (1,497,719) 2024 1,354,783,552 1,502,385 365,250 1,867,635 (1,502,385) 2025 1,381,879,223 1,498,530 369,321 1,867,851 (1,498,530) 2026 1,409,516,807 1,492,154 367,619 1,859,772 (1,492,154) 2027 1,437,707,144 1,499,082 365,216 1,864,298 (1,499,082) 2028 1,466,461,286 1,503,668 366,990 1,870,658 (1,503,668) 2029 1,495,790,512 1,319,945 367,811 1,687,756 (1,319,945) 2030 1,525,706,322 1,316,095 367,740 1,683,835 (1,316,095) 2031 1,556,220,449 1,320,060 - 1,320,060 (1,320,060) 2032 1,587,344,858 1,316,160 - 1,316,160 (1,316,160) Totals 132,266,372 7.094.520 1 32,3360,822 iWIZ � 19) Est. US Tax Rate (4) (])Includes Town estimates through 2024 -25 fiscal year (excludiniggas wells) and 2% annual growth thereafter. (2) Includes the Issuer's 2002, 2003, 2007 and 2008 Bonds and CO's. (3) Based on average interest rate of 3.717c; subject to change. (4) Assumes a 98% tax collection ratio. Lawrence Financial Consulting LLC Page 13 812412010 I & S Tax Rate Analysis ($8.0 Million CO - Gas Wells Excluded from TA V) FYE Existing Estimated All Debt Less: 9/30 TAY ;') Debt (2) 2010 0013) Combined Sales Tax 2011 710,001,676 1,501,778 200,138 1,701,915 (1,50 1 ,778) 2012 808,970,407 1,498,450 545,030 2,043,480 (11,498,450) 2013 843,542,490 1,498,528 555,998 2,054,526 (1.498,528) 2014 860,413,340 1,496,906 580,941 2,077,847 (1,496,906) 2015 877,621,607 1,498,442 594,303 2,092,745 (1.,498,442) 2016 895,174,039 1,497,864 595,981 2,093,845 (11,497,864) 2017 913,077,520 1,500,197 591,415 2,091,612 (1,500.,197) 2018 931,339,070 1,505,089 595,938 2,101,026 (1,505,089) 2019 949,965,852 1,501,257 594,533 2,095,790 (1,501,257) 2020 1,057,769,881 1,499,870 592,146 2,092,016 ( 1 .499,870) 2021 1,078,925,279 1,501,461 593,860 2,095,321 (1,501,461) 2022 1,279,767,670 1,500,744 594,661 2,095,405 (11,500,744) 2023 1,328,219,169 1,497,719 594,410 2,092,129 (1,497,719) 2024 1,354,783,552 1,502,385 592,959 2,095,343 (1,502,385) 2025 1,381,879,223 1,498,530 595,284 2,093,813 (1,498,530) 2026 1,409,516,807 1,492,154 596,364 2,088,517 (1,492, 154) 2027 1,437,707,144 1,499,082 596,159 2,095,240 (1,499,082) 2028 1,466,461,286 1,503,668 594,629 2,098,296 (1,503.,668) 2029 1,495,790,512 1,319,945 591,734 1,911,679 (1.,319,945) 2030 1,525,706,322 1,316,095 592,470 1,908,565 (1,316,095) 2031 1,556,220,449 1,320,060 - 1,320,060 (1,320,060) 2032 1,587,344,858 1,316,160 - 1,316,160 (1,316,160) Totals 132.266.379- 43,655, &Z` ?66 .I � Est. US Tax Rate (4) (1) Includes Town estimates through 2024-25ftscal year (excluding teas wells) and 2% annual growth thereafter. (2) Includes the Issuer's 2002, 2003, 2007 and 2008 Bonds and CO's. (3) Based on average interest rate of 3.7%; subject to change. (4) Assumes a 98% tax collection ratio. Lawrence Financial Consulting LLC Page 14 812412010 I & S Tax Rate Analysis ($2.5 Million CO - Gas Wells Included in TAV) FYE Existing Estimated All Debt Less: 9130 TAV"' Debt (2) 2010 CO"' Combined Sales Tax 2011 710,001,676 1,501,778 62,104 1,563,882 (1,501,778) 2012 822,970,407 1,498,450 182,155 1,680,605 (1,498,450', 2013 877,542,490 1,498,528 185,718 1,684,246 (1,498,528) 2014 914,413,340 1,496,906 184,011 1,680,917 (1,496,906) 2015 940,421,607 1,498,442 181,938 1,680,380 (1,498,442) 2016 961,974,039 1,497,864 184,380 1,682,244 (1,497,864) 2017 983,877,520 1,500,197 181,438 1,681,634 (1,500,197) 2018 1,006,139,070 1,505,089 183,230 1,688,319 (1,505,089) 2019 1,028,765,852 1,501,257 184,703 1,685,960 1,501,257) 2020 1,140,569,881 1,499,870 185,811 1,685,681 (1,499,870) 2021 1,161,725,279 1,501,461 181,686 1,683,147 (1,501,461) 2022 1,346,567,670 1,500,744 182,350 1,683,094 (1.500,744) 2023 1,379,019,169 1,497,719 182,678 1,680,396 (;1,497,719) 2024 1,392,783,552 1,502,385 182,623 1,685,007 (1,502,385) 2025 1,419,879,223 1,498,530 182,206 1,680,736 (1,498,530) 2026 1,448,276,807 1,492,154 186,354 1,678,507 (1,492,1 -54) 2027 1,477,242,344 1,499,082 185,053 1,684,134 (1,499,082) 2028 1,506,787,190 1,503,668 183,389 1,687,056 (1.501668) 2029 1,536,922,934 1,319,945 181,353 1,501,298 (1,319,945) 2030 1,567,661,393 1,316,095 183,870 1,499,965 (1,316,095) 2031 1,599,014,621 1,320,060 - 1,320,060 ( 1,320,060) 2032 1,630,994,913 1,316,160 - 1,316,160 (.1,316,160) Totals fi 32,266,372 35.813, &ZiZ� (])Includes Town estimates through 2024 -25 fiscal year and 2% annual growth thereafter. Town estimates include 7 gas wells added in 2012,10 gas wells added annually from 2013-20, and 8 gas wells added in 2021; each gas well is valued at $2 million in first 3 years and at $400,000 thereafter. (2) Includes the Issuer's 2002, 2003, 2007 and 2008 Bonds and CO's. (3) Based on average interest rate of 3.7 %; subject to change. (4) Assumes a 98% tax collection ratio. Lawrence Financial Consulting LLC Page 15 812412010 1TWO IrL-S-f =JE 17TWXTS I & ♦ Tax Rate Analysis ($5.0 Million CO -Gas Wells Included in TAV) FYE Existing Estimated All Debt Less: 9130 TAV"' Debt (2) 2010 CO(3) Combined Sales Tax 2011 710,001,676 1,501,778 124,230 1,626,008 (1,501;778) 2012 822,970,407 1,498,450 364,340 1,862,790 (1,498,450) 2013 877,542,490 1,498,528 366,503 1,865,031 (1,498,528) 2014 914,413,340 1,496,906 368,128 1,865,033 (1,496,906 ) 2015 940,421,607 1,498,442 368,925 1,867,367 (1,498,442) 2016 961,974,039 1,497,864 368,755 1,866,619 (1,497,864) 2017 983,877,520 1,500,197 367,800 1,867,997 (1,500,197) 2018 1,006,139,070 1,505,089 366,315 1,871,404 (1,505,089) 2019 1,028,765,852 1,501,257 364,338 1,865,595 (1,501,257) 2020 1,140,569,881 1,499,870 366,714 1,866,583 (1,430,870) 2021 1,161,725,279 1,501,461 368,461 1,869,922 (1,501,461) 2022 1,346,567,670 1,500,744 364,705 1,865,449 (1,500,744) 2023 1,379,019,169 1,497,719 365,360 1,863,079 (1,497,719) 2024 1,392,783,552 1,502,385 365,250 1,867,635 (1,502,385) 2025 1,419,879,223 1,498,530 369,321 1,867,851 (1,498,530, 2026 1,448,276,807 1,492,154 367,619 1,859,772 (1,492,154) 2027 1,477,242,344 1,499,082 365,216 1,864,298 (1,499,082) 2028 1,506,787,190 1,503,668 366,990 1,870,658 (1,503,668) 2029 1,536,922,934 1,319,945 367,811 1,687,756 (1.319,945) 2030 1,567,661,393 1,316,095 367,740 1,683,835 (1,316,095) 2031 1,599,014,621 1,320,060 - 1,320,060 (1,320,060) 2032 1,630,994,913 1,316,160 - 1,316,160 (1,316,160) Totals S 32,266,3322 7. 520 1 3-2.360. jL42- 'L,6 1_791 (])Includes Town estimates through 2024 -25 fiscal year and 2% annual growth thereafter. Town estimates include 7 gas wells added in 2012,10 gas wells added annually from 2013-20, and 8 gas wells added in 2021; each gas well is valued at $2 million in first 3 years and at $400,000 thereafter. (2) Includes the Issuer's 2002, 2003, 2007 and 2008 Bonds and CO's. (3) Based on average interest rate of 3.7010; subject to change. (4) Assumes a 98% tax collection ratio. Lawrence Financial Consulting LLC Page 16 812412010 I & S Tax Rate Analysis ($8.0 Million CO - Gas Wells Included in TATS) FYE Existing Estimated All Debt Less: 9130 TAV"' Debt (2) 2010 Col" Combined Sales Tax 2011 710,001,676 1,501,778 200,138 1,701,915 (1,501,7781) 2012 822,970,407 1,498,450 545,030 2,043,480 (1,498,450) 2013 877,542,490 1,498,528 555,998 2,054,526 (1,498:528) 2014 914,413,340 1,496,906 580,941 2,077,847 (1,496,906) 2015 940,421,607 1,498,442 594,303 2,092,745 (1,498,442 ) 2016 961,974,039 1,497,864 595,981 2,093,845 (1,497,864) 2017 983,877,520 1,500,197 591,415 2,091,612 (1,5(10,197) 2018 1,006,139,070 1,505,089 595,938 2,101,026 (1,505,089) 2019 1,028,765,852 1,501,257 594,533 2,095,790 (1,501.257) 2020 1,140,569,881 1,499,870 592,146 2,092,016 (1,499,870) 2021 1,161,725,279 1,501,461 593,860 2,095,321 (1.501,461) 2022 1,346,567,670 1,500,744 594,661 2,095,405 (1,500,744) 2023 1,379,019,169 1,497,719 594,410 2,092,129 (1,497,719) 2024 1,392,783,552 1,502,385 592,959 2,095,343 (1,502,385) 2025 1,419,879,223 1,498,530 595,284 2,093,813 (1,498,530) 2026 1,448,276,807 1,492,154 596,364 2,088,517 (1,492,154) 2027 1,477,242,344 1,499,082 596,159 2,095,240 (1,499,082) 2028 1,506,787,190 1,503,668 594,629 2,098,296 (1,503,668) 2029 1,536,922,934 1,319,945 591,734 1,911,679 (1,3 19,945) 2030 1,567,661,393 1,316,095 592,470 1,908,565 (1,316,095) 2031 1,599,014,621 1,320,060 - 1,320,060 (1,320,060) 2032 1,630,994,913 1,316,160 - 1,316,160 .(1.316,160) Totals S 32.266,322 iLL2&&= 43,65-5 3 37£ jL Est. I&S (])Includes Town estimates through 2024 -25 fiscal year and 2% annual growth thereafter. Town estimates include 7 gas wells added in 2012, 10 gas wells added annually from 2013-20, and 8 gas wells added in 2021; each gas well is valued at $2 million in first 3 years and at $400,000 thereafter. (2) Includes the Issuer's 2002, 2003, 2007 and 2008 Bonds and CO's. (3) Based on average interest rate of 3.7%; subject to change. (4) Assumes a 98% tax collection ratio. Lawrence Financial Consulting LLC Page 17 812412010 Page 18 MAINTENANCE INTEREST TOTAL ISSUED AMOUNT FISCAL YEAR & OPERATIONS & SINKING TAX RATE $2.5M 10/11 0.1437 0.0089 0.1526 $5.0M 10/11 0.1437 0.0179 0.1616 $8.O 10/11 0.1437 0.0288 0.1725 $2.5M 11/12 0.1437 0.023 0.1667 $5.0m 11/12 0.1437 0.046 0.1897 $8.OM 11/12 0.1437 0.0687 0.2124 $2.5M 12/13 0.1437 0.0225 0.1662 $5.Om 12/13 0.1437 0.0443 0.188 $8.OM 12/13 0.1437 0.0673 0.211 $2.5M 13/14 0.1437 0.0218 0.1655 $5.0M 13/14 0.1437 0.0437 0.1874 $8.OM 13/14 0.1437 0.0689 0.2126 $2.5M 14/15 0.1437 0.0212 0.1649 $5.0M 14/15 0.1437 0.0429 0.1866 $8.0M 14/15 0.1437 0.0691 0.2128 $2.510 15/16 0.1437 0.021 0.1647 $5.0M 15/16 0.1437 0.042 0.1857 $8.0m 15/16 0.1437 0.0679 0.2116 $2.5M 16/17 0.1437 0.0203 0.164 $5.OM 16/17 0.1437 0.0411 0.1848 $8.0m 16/17 0.1437 0.0661 0.2098 Page 18 Municipality Fort Worth* Proposed Tax Rates FY 2010 -2011 M &O 0.855 0.7109 I &S 0.1441 Collection Rate Not released Burleson 0.71 0.5478 0.1622 98% Hurst 0.578 0.4452843 0.1327157 97% Trophy Club 0.535 0.41533 0.11967 100% Bedford 0.491609 0.309075 0.182534 97% Euless 0.47 0.343905 0.126095 Not released' Southlake 0.462 0.332 0.13 97°, Flower Mound 0.4497 0.3227 0.127 Not released Keller 0.44219 0.31219 0.13 99.10% Roanoake 0.37521 Not released" Not released 99% Colleyville 0.3559 0.29758 0.05832 98% Grapevine 0.35 0.13643 0.21357 99% Haslet 0.286284 0.229525 0.056759 Not released ��e:F 1 =1 E1:. f3.2�4 1.47 1i:0�i87 9 Median 0.462 0.32735 0.13 98% Mean 0.4893 0.366893275 0.131913642 98% Min 0.2863 0.13643 0.056759 97% Max 0.855 0.7109 0.21357 100% ** Tax Rate for FY 2009 -2010 Assumption of $81A bond issue in FY 10 -11 for CIP Page 19 How to use the table below: The table below is an estimate of the amount of property taxes that will be collected on behalf of Westlake should the rate of $.1725 be adopted in FY 10-11 and $.2124 in FY 11-12. 1. Identify your total appraised value for your home and land. This can be found on your tax statement or you may look ituponthe tax appraisal website (for Tarrant County residents visit- Al����L�[�' Denton County residents visit- ). 2. Choose the value that is closest to yours from the "Total Appraised Value" column. 3. The Westlake Town Council recently approved a homestead exemption of 20% which is the maximum amount allowed by the State ofTexas. The next column reflects the total appraised value with the 2O96 homestead exemption applied. NOTE: If this is your primary residence and you have not already done so, you must apply for a homestead exemption with the State Comptroller. Please visit for more information. 4. The last two columns, "Tax Amount per $.172S and $.2124 Tax Rate" reflect the total annualized amount of additional taxes should the current proposed rate be adopted for each fiscal year. Page 20 Mailing of notices of appraised value by chief appraiser. The chief appraiser prepares and certifies to the tax assessor-collector for each county, municipality and school district participating in the appraisal district an estimate of the taxable value. Deadline for submitting appraisal records to ARB. * Deadline for ARB to approve appraisal records. The board of directors of an appraisal district in a county with a population of at least one million may extend this deadline to August 31. Deadline for chief appraiser to certify rolls to taxing units.* Certification of anticipated collection rate by collector. Calculation of effective and rollback tax rates. Publication of effective and rollback tax rates, statement and schedules: submission to governing body. 72-hour notice for meeting (Open Meetings Notice). Meeting of governing body to discuss tax rate; if proposed tax rate will exceed the rollback rate or the effective tax rate (whichever is lower), take record vote and schedule public hearing. Sep #ember 1, 10 Notice of Public Hewing on Tax Increase is the first quarter-page notice in newspaper and on TV and Web site, if available, published at least seven days before public hearing. September 22, 010 72-hour notice for public hearing (Open Meetings Notice). Public hearing. 72-hour notice for second public hearing (Open Meetings Notice). Second public hearing (may not be earlier than 3 days after first public hearing). schedule and announce meeting to adopt tax rate 3-14 days from this date. Notice of Tax Revenue Increase published before meeting" to adopt tax rate is the second quarter-page notice in newspaper before meeting and published on TV and Web site (if available, at least seven days before meeting). Page 21