The Storm Drainage Utility Fund accounts for all activities necessary to operate and maintain the Storm Drainage Utility program. Storm drainage fees were increased effective fiscal year 2005 to provide for debris, tree and brush removal along Ten Mile Creek and to construct erosion control improvements at Meadows Parkway. Storm water fees are assessed monthly on all developed properties within the City. Current year budgeted revenue is $1, 600 ,000. While the fee has not changed over the last six fiscal years, the number of properties has increased over that time period.
The Sanitation Enterprise Fund was created during fiscal year 2002. This entity accounts for solid waste collection services, litter control and median beautification, street sweeping and household hazardous waste collection. The collection rate is based upon collection types and sizes for residential and commercial customers with optional approved adjustments once per year based on the DFW CPI-U. The increase is also a reflection of the increase in properties served in the City over the past three years.
The Public Utility Fund collects charges for services related to the supply and maintenance of water and sewer services to the residents of the City. For FY 2023, rates are projected to remain unchanged. The Public Utility Fund continues to budget conservatively as the past four years' revenues have increased by less than $1 million each year.
Property Taxes represent approximately 28.88 % of total budgeted revenues for all funds. Property taxes are levied each October 1 on the assessed value listed as of the prior January 1 for all real and business personal property located within the City. Assessed values represent the appraised value less applicable exemptions. Appraised values are established by the Dallas Central Appraisal District at 100% of market value and certified by the Chief Appraiser. The 202 3 tax year certified taxable value of $ 7,002,456,246 is a 15.04 % increase over the prior year. The FY202 4 budget was developed utilizing the adopted tax rate of . 685092 . This is the nineth consecutive year the City has experienced an increase in taxable values. This tax rate decreased from the previous year's rate of . 691554 . There are two components of the tax rate. The first component is for maintenance and operations (M&O), and the second component relates to debt service interest and sinking fund requirements (I&S). The City has adopted a FY 202 4 tax rate of $0. 503485 for operations and maintenance. The operations and maintenance portion of the property tax is collected through the General Fund. The City has adopted a tax rate of $0. 181607 for debt service interest and sinking fund requirements, which is collected through the Debt Service Fund. Taxes for the current year are due and payable in full on October 1, and are delinquent if not paid on or before January 31. State law requires that a penalty be charged on taxes paid after January 31. Delinquent taxes are subject to a 6% penalty and 1% interest. Delinquent taxes not paid before July 1 become subject to an additional 15% penalty.
ToC
103
Made with FlippingBook flipbook maker