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 $1,5 80 ,000 . While t he fee has not changed over the last six fiscal years, the number of properties has increased over th at 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. Sanitation Enterprise Fund revenue is budgeted at $5, 795 , 638 for fiscal year 202 2 , an increase over the FY 202 1 projection of $ 5 , 425 , 143 . The increase is due to a projected rate increas e of 4% in FY 2022 . 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. The budgeted revenue for FY202 2 represents approximately 19 . 9 % of the total adopted City budgeted revenues and approximately 7 0.8 % of the total City Charges for Services revenue. Th ese ratio s remain relatively unchanged over the past 3 years. The FY202 2 total budgeted revenue of $2 4 , 496 , 760 for Water & Sewer Sales represent 99.3% of all Public Utility Fund revenues, with the balance comprised of interest , penalties , and miscellaneous income. FY202 1 projected revenues for the Fund total $23, 838 , 836 and will meet adopted budget. During 202 1 , the Public Utility Fund received rate increases as a result of an update to its 2019 Water Rate Study. However, for FY 2022, 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. The Fund’s policy is to budget to maintain a reserve of 120 days of expenditures with any excess reserve s used to fund capital improvements. Property Taxes represent approximately 3 1 . 7 % 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 1 tax year certified taxable value of $ 5 , 438 , 189 , 247 is a 12.6 % increase over the p rior year. The FY202 2 budget was developed utilizing a tax rate of .701554. For t ax year 202 1, City taxable values certified in July by Dallas County represent an increase of 12.6% overall. This is the s eventh consecutive year the City has experienced an increase in taxable values. The City adopted a property tax rate of $0.701554 per $100 of valuation. This tax rate of did not change from the previous year ' s rate. There are two components of the tax rate. The first component is for maintenance and operations (M&O) , while the second component relates to debt service interest and sinking fund requirements. The City has adopted a FY 2022 tax rate of $0.5 76535 for operations and maintenance. The operations and maintenance portion of the property tax is collected th rough the General Fund. The City has adopted a tax rate of $0.1 25019 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.
102
Made with FlippingBook Annual report maker