HomeMy WebLinkAbout2nd Public Hearing Presentation 09-19-1809/19/2018 Town of Westlake Second Public Hearing 1
•General Fund
•Operating Days (Fund Balance Days)
•Effective Rate
•Sales & Use Tax
•Development Fees
09/19/2018 Town of Westlake Second Public Hearing 2
SECTION 01
Staff
Recommendations
09/19/2018 Town of Westlake Second Public Hearing 3
•$0.16010 = 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
09/19/2018 Town of Westlake Second Public Hearing 4
Property Tax Rate per $100 Assessed Valuation
0.16010
0.15684 0.15684 0.15684 0.15634 0.15634
0.13695 0.13615
FY10/11
.16010
FY11/12
.15684
FY12/13
.15684
FY13/14
.15684
FY14/15
.15634
FY15/16
.15634
FY16/17
.13695
FY17/18
.13615
09/19/2018 Town of Westlake Second Public Hearing 5
An increase of $0.01985
FY2018-19
Proposed rate is
Current Tax Rate is $0.13615
$0.15600
FY2018/19 Effective Rate is $0.13551
09/19/2018 Town of Westlake Second Public Hearing 6
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
09/19/2018 Town of Westlake Second Public Hearing 7
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%
09/19/2018 Town of Westlake Second Public Hearing 8
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.
09/19/2018 Town of Westlake Second Public Hearing 9
Town of
Westlake
5 cents
School Districts
65 cents County
12 cents
Hospital District,
MUD, TCC
18 cents
09/19/2018 Town of Westlake Second Public Hearing 10
SECTION 02
Why?
09/19/2018 Town of Westlake Second Public Hearing 11
•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
09/19/2018 Town of Westlake Second Public Hearing 12
Sales &
Use Tax
32%
Development
Permits & Fees
38%
Property
Tax
13%
Franchise
Fees
Court Fines
& All Other
17%
09/19/2018 Town of Westlake Second Public Hearing 13
-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
Westlake
22 Sample Cities
09/19/2018 Town of Westlake Second Public Hearing 14
-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
09/19/2018 Town of Westlake Second Public Hearing 15
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%
-100%
-75%
-50%
-25%
0%
25%
50%
75%
100%
125%
150%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
09/19/2018 Town of Westlake Second Public Hearing 16
$375
$242,910
($26,418)
1 day
($608,176)
24 days
($70,127)
3 days
$2,328,331
($188,863)
7 days
($304,560)
12 days
($96,427)
4 days
$1,056,020
($407,471)
16 days
$1,059,529 $1,249,193
$976,382
$451,765
$2,348,087
$1,689,156
($1,184,019)
47 days $(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
90 days
09/19/2018 Town of Westlake Second Public Hearing 17
SECTION 03
Fund Balance
Projections
09/19/2018 Town of Westlake Second Public Hearing 18
•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
09/19/2018 Town of Westlake Second Public Hearing 19
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
09/19/2018 Town of Westlake Second Public Hearing 20
Current
Rate of
.13615;
with 4%
escalation
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
09/19/2018 Town of Westlake Second Public Hearing 21
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
09/19/2018 Town of Westlake Second Public Hearing 22
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
09/19/2018 Town of Westlake Second Public Hearing 23
SECTION 04
Service Delivery
09/19/2018 Town of Westlake Second Public Hearing 24
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
09/19/2018 Town of Westlake Second Public Hearing 25
3000 5673 8345 7042 6954 8643 7870 9115 9528 10583 11329 11967 10333 11366 12502
355
698
703
785 803
847
992
1063 1109
1184
1200
1270
1310
1450
1554
0
1000
2000
3000
4000
5000
6000
7000
8000
9000
10000
11000
12000
13000
14000
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Daytime Population Resident Population
$10,083
$12,665
$9,708
$11,707
$11,327 $10,373 $11,023
$12,441 $11,994
$14,892
$16,061
$18,986
$21,643
$25,460 $26,244
2005
2010 2015
09/19/2018 Town of Westlake Second Public Hearing 26
$0.431 $2.925 $2.513 $2.468 $2.482 $3.415 $2.815 $4.140 $5.543 $6.515 $6.957 $7.979 $9.664 $8.639 $8.887
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
43
231 259
211 219
329
255
333
462 437 433 420 447
350 351
09/19/2018 Town of Westlake Second Public Hearing 27
$0.431 $2.925 $2.513 $2.468 $2.482 $3.415 $1.588 $1.642 $1.807 $1.581 $0.766 $0.470 $0.673
-$1.678 -$3.163
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
4 3
2 31
259
211 219
329
14 4 13 2
151 106
4 8 2 5
31
(66)(121)
09/19/2018 Town of Westlake Second Public Hearing 28
An increase of $0.01985 from current year
FY2018-19
Proposed rate
$0.15600
$199 per year per $1M valuation
09/19/2018 Town of Westlake Second Public Hearing 29
The vote on the proposed tax rate will
take place on Monday, September 24,
2018 at 6:30 p.m. in the Second floor
Council Chambers of the Town Hall
located at 1500 Solana Blvd., Bldg. 7,
Suite 7100, Westlake, TX 76262.
09/19/2018 Town of Westlake Second Public Hearing 30