HomeMy WebLinkAbout1st Public Hearing Presentation 09-10-1809/10/2018 Town of Westlake First Public Hearing SLIDE 3
•General Fund
•Operating Days (Fund Balance Days)
•Effective Rate
•Sales & Use Tax
•Development Fees
SECTION 01
Staff
Recommendations
09/10/2018 Town of Westlake First Public Hearing SLIDE 3
•$0.16010 = first tax rate adopted in 2010
•Adopted effective rate every year since
2010
•Proposal for FY 18/19 would recommend
adopting rate lower than original levy
08/15/2018 Town of Westlake Municipal Budget Workshop
Property Tax Rate per $100 Assessed Valuation
SLIDE 12
0.16010
0.15684 0.15684 0.15684 0.15634 0.15634
0.13695 0.13615
FY10/11
Actual
FY11/12
Actual
FY12/13
Actual
FY13/14
Actual
FY14/15
Actual
FY15/16
Actual
FY16/17
Actual
FY17/18
Actual
An increase of $0.01985
FY2018-19
Proposed rate is
09/10/2018 Town of Westlake First Public Hearing
Current Tax Rate is $0.13615
$0.15600
SLIDE 4
FY2018/19 Effective Rate is $0.13551
09/10/2018 Town of Westlake First Public Hearing SLIDE 5
FY 2018 FY 2017 increase
Average home $1,250,000 $1,250,000
20% homestead -$250,000 -$250,000
Net taxable $1,000,000 $1,000,000
Proposed rate 0.15600 0.13615 0.01985
Tax Payment $1,560 $1,362 $199
09/10/2018 Town of Westlake First Public Hearing SLIDE 6
CARROLL ISD Property
Value Exemption
Net
Taxable
Value
Taxing
Rate
Tax
Amount
Percent of
Tax Bill
037 -Town of Westlake 1,250,000 -250,000 1,000,000 0.15600 $1,560 6.0%
220 -Tarrant County 1,250,000 0 1,250,000 0.24400 $3,050 11.7%
224 -JPS Health Network 1,250,000 0 1,250,000 0.22429 $2,804 10.7%
225 -Tarrant County College 1,250,000 0 1,250,000 0.14006 $1,751 6.7%
919 -Carrol ISD 1,250,000 -25,000 1,225,000 1.38500 $16,966 64.9%
Total $26,131 100%
KELLER ISD Property
Value Exemption
Net
Taxable
Value
Taxing
Rate
Tax
Amount
Percent of
Tax Bill
037 -Town of Westlake 1,250,000 -250,000 1,000,000 0.15600 $1,560 5.6%
220 -Tarrant County 1,250,000 0 1,250,000 0.24400 $3,050 11.0%
224 -JPS Health Network 1,250,000 0 1,250,000 0.22429 $2,804 10.1%
225 -Tarrant County College 1,250,000 0 1,250,000 0.14006 $1,751 6.3%
907 –Keller ISD 1,250,000 -25,000 1,225,000 1.52000 $18,620 67.0%
Total $27,784 100%
Homestead Exemption
–This is an exemption offered by the Town which reduces the taxable value of all homes by 20%, which is the maximum amount allowed under the law.
Additional 65+ or Disabled Exemption
–A $10,000 exemption on the taxable value of homes of 65+ or disabled residents. (This is one or the other, not both).
Homestead Tax Ceiling
–Limits the total amount of taxes residents who are 65+ or disabled pay so that in future years their taxes will not increase beyond what they are currently paying.
–Any resident that was 65 when Westlake adopted its ad valorem rate, will not p ay any municipal ad valorem taxes due to this tax ceiling.
–If a resident turned 65 this year, then the amount they paid this year in municipal ad valorem taxes would remain fixed at that amount. They will not pay more, but could potentially pay less if taxes are lowered.
SLIDE 2209/10/2018 Town of Westlake First Public Hearing
09/10/2018 Town of Westlake First Public Hearing SLIDE 7
Town of
Westlake
5 cents
School Districts
65 cents County
12 cents
Hospital District,
MUD, TCC
18 cents
SECTION 02
Why?
09/10/2018 Town of Westlake First Public Hearing SLIDE 9
•Two largest portions of Town’s revenue
streams fluctuate year to year
•Recommend we maintain liquidity to
provide services
•Service demands growing as community is
growing
•Financial stability is important
09/10/2018 Town of Westlake First Public Hearing
Sales &
Use Tax
32%
Development
Permits & Fees
38%
Property
Tax
13%
Franchise
Fees
Court Fines
& All Other
17%
SLIDE 10
-19%
23%
2%
3%
22%
-21%
20%
8%
4%
-6%
1%
9%7%
-4%
2%
6%4%
9%8%10%
6%
2%
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
FY 06-07 FY 07-08 FY 08-09 FY 09-10 FY 10-11 FY 11-12 FY 12-13 FY 13-14 FY 14-15 FY 15-16 FY 16-17
09/10/2018 Town of Westlake First Public Hearing
Westlake
22 Sample Cities
SLIDE 11
09/10/2018 Town of Westlake First Public Hearing SLIDE 12
-3.23%
46.66%
-15.05%
28.69%
22.99%
8.44%
-0.53%
-12.19%
4.41%
15.52%
1.55%
28.52%
3.38%
4.26%4.83%
3.02%
-2.74%
-20%
-10%
0%
10%
20%
30%
40%
50%
FY
2001
FY
2002
FY
2003
FY
2004
FY
2005
FY
2006
FY
2007
FY
2008
FY
2009
FY
2010
FY
2011
FY
2012
FY
2013
FY
2014
FY
2015
FY
2016
FY
2017
FY
2018
09/10/2018 Town of Westlake First Public Hearing SLIDE 13
3.0%
-5.9%
54.9%
-25.6%
125.3%
-66.8%
-18.7%
73.8%
34.1%
-8.3%
89.3%88.4%
-33.3%
94.7%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
$375
$242,910
($26,418)
($608,176)
($70,127)
$2,328,331
($188,863)($304,560)
($96,427)
$1,056,020
($407,471)
$1,059,529 $1,249,193
$976,382
$451,765
$2,348,087
$1,689,156
($1,184,019)
$(1,500,000)
$(1,000,000)
$(500,000)
$-
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
FY
2001
FY
2002
FY
2003
FY
2004
FY
2005
FY
2006
FY
2007
FY
2008
FY
2009
FY
2010
FY
2011
FY
2012
FY
2013
FY
2014
FY
2015
FY
2016
FY
2017
FY
2018
09/10/2018 Town of Westlake First Public Hearing SLIDE 13
90 days
SECTION 03
Fund Balance
Projections
09/10/2018 Town of Westlake First Public Hearing SLIDE 15
•Dependent on the tax levy –may see steeper
declines in Fund Balance
•Proposed rate = greater stability in Fund Balance
•Stability and reserves = positions us for future
service demands
Conservative Financially
Concentrate on quality for residents
Leverage partnerships for service provision
Cost-sharing with other municipalities/county
Cost-sharing or maintenance agreements with stakeholders
Analysis of Current and Future Conditions
08/22/2018 Town of Westlake Municipal Budget Workshop SLIDE 10
09/10/2018 Town of Westlake First Public Hearing
Current
Rate
of .13615;
with 4%
escalation
SLIDE 16
Proposed
Rate
of .15600;
with 4%
escalation
351 341
261
201 155 112
FY 17/18
Estimated
FY 18/19
Proposed
FY 19/20
projected
FY 20/21
projected
FY 21/22
projected
FY 22/23
projected
NO
revised
forecasted
staffing
------------------
INCLUDES
one time
permit
revenues
------------------
INCLUDES
transfers out of
1X revenues
351 350
280
230 193 160
FY 17/18
Estimated
FY 18/19
Proposed
FY 19/20
projected
FY 20/21
projected
FY 21/22
projected
FY 22/23
projected
01a
01b
09/10/2018 Town of Westlake First Public HearingSLIDE 14
351 341
255
193
132 80
FY 17/18
Estimated
FY 18/19
Proposed
FY 19/20
projected
FY 20/21
projected
FY 21/22
projected
FY 22/23
projected
INCLUDES
revised
forecasted
staffing
------------------
INCLUDES
one time
permit
revenues
------------------
INCLUDES
transfers out of
1 time revenues
(except noted $)
351 341
248
183
121 67
FY 17/18
Estimated
FY 18/19
Proposed
FY 19/20
projected
FY 20/21
projected
FY 21/22
projected
FY 22/23
projected
02a
02b
Current
Rate
of .13615;
with 4%
escalation
Proposed
Rate
of .15600;
with 4%
escalation$1.064M $65K $117K $73K $73K$299K
$1.064M $65K $117K$299K
SLIDE 17
09/10/2018 Town of Westlake First Public Hearing SLIDE 18
NO
revised
forecasted
staffing
------------------
NO
one time
permit
revenues
------------------
NO
transfers out
of one time
revenues
339 289
208
145 97 52
FY 17/18
Estimated
FY 18/19
Proposed
FY 19/20
projected
FY 20/21
projected
FY 21/22
projected
FY 22/23
projected
339 298
227
174 135 100
FY 17/18
Estimated
FY 18/19
Proposed
FY 19/20
projected
FY 20/21
projected
FY 21/22
projected
FY 22/23
projected
03a
03b
Current
Rate
of .13615;
with 4%
escalation
Proposed
Rate
of .15600;
with 4%
escalation
One-Time
$3.5M
Not
One-Time
$806K
One-Time
$1.2M
Not
One-Time
$639K
One-Time
$1.1M
Not
$383K
$967K
$383K
$967K
$383K
One-Time
$3.5M
Not
One-Time
$806K
One-Time
$1.2M
Not
One-Time
$639K
One-Time
$1.1M
Not
$383K
$967K
$383K
$967K
$383K
SECTION 04
Service Delivery
Excellent Municipal Services
•Responsive and Accessible
•Conservative Financials
•Measured Staff Growth
•High Ratings on Satisfaction Survey
•Distinctive Community
Excellent Academic Services
•Top notch educators
•Highly ranked school
•Exceptional IB results
08/22/2018 Town of Westlake Municipal Budget Workshop SLIDE 25
255 289 303 328 355 698 703 785 803 847 992 1,063 1,109 1,184 1,200 1,270 1,310 1,450
$4,192
$5,218
$6,075
$7,987 $9,817
$10,189 $10,286
$11,377 $11,729 $11,283 $10,810
$13,518
$12,367
$17,562
$20,462 $20,478
$24,323
$28,967
0
200
400
600
800
1000
1200
1400
1600
$0
$2,500
$5,000
$7,500
$10,000
$12,500
$15,000
$17,500
$20,000
$22,500
$25,000
$27,500
$30,000
$32,500
FY 2001 FY 2002 FY 2003 FY 2004 FY 2005 FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
Population Daily Operating Expenditures
09/10/2018 Town of Westlake First Public Hearing SLIDE 20
2005
2010
2015
09/10/2018 Town of Westlake First Public Hearing SLIDE 21
$0.937 $3.265 $3.076 $2.772 $2.675 $3.731 $3.324 $4.383 $5.813 $6.789 $7.241 $8.553 $10.242 $9.064 $9.058
43
231
259
211 219
329
255
333
462 437 433 420
447
351 350
$0
$2
$4
$6
$8
$10
$12
0
50
100
150
200
250
300
350
400
450
500
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Fund Balance Operating Days
An increase of $0.01985 from current year
FY2018-19
Proposed rate
09/10/2018 Town of Westlake First Public Hearing
$0.15600
SLIDE 24
$199 per year per $1M valuation
Second public hearing on the proposed tax rate will
take place on Wednesday, September 19, 2018 at
7:30 p.m. in the first floor Council Chambers of the
Town Hall located at 1500 Solana Blvd., Bldg. 7, Suite
7200, Westlake, TX 76262.
The vote on the proposed tax rate will take place on
Monday, September 24, 2018 at 6:30 p.m. in the first
floor Council Chambers of the Town Hall located at
1500 Solana Blvd., Bldg. 7, Suite 7200, Westlake, TX
76262.
08/22/2018 Town of Westlake Municipal Budget Workshop SLIDE 25