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Marble Falls City Hall
Marble Falls City Council approved unanimously Sept. 21 passing the 2021-22 fiscal year budget focused on infrastructure and improvement projects as well as adopting a property tax rate, nearly two cents lower than the previous year.
By approving a new 59.90 cents per $100 valuation property tax rate – credited in part to a six percent increase in appraised property values – the city expects to present a balanced general fund budget.
Property values for the city increased from approximately $912 million last year to more than $967 million dollars, according to the Burnet Central Appraisal District.
As a result, the lowered property tax rate would generate approximately $5.6 million more than raised in the previous year budget.
A projected 14 percent year-to-date sales tax collections increase over fiscal year 2019-2020 also proved beneficial to the budget.
The adopted budget includes funding for new personnel, road and utility infrastructure projects and an increase in utility rates to offset wastewater and water plant upgrades debt.
During earlier budget talks, administrators proposed delaying fully funding additional personnel positions until mid-year. However, favorable sales tax projections allowed for additions starting in October.
“Based on actual sales tax revenue that we've received year-to-date, we were able to revise our sales tax forecast,” Finance Director Jeff Lazenby said. “Because of that we're able to fully fund the requested positions at the beginning of the fiscal year.”
Ending general fund balance is projected at $3.9 million,” Lazenby said. The budget for the upcoming fiscal year shows a beginning fund balance of approximately $3.7 million.
The budget includes total revenues of approximately $13.4 million, along with total expenditures of approximately $13.3 million.
The 59.90 cents tax rate – which was council-inspired – is comprised of 24.77 cents maintenance and operations (M&O) and 35.13 cents interest and sinking (I&S).
The current tax rate is 61 cents – comprised of 25.85 cents, M&O and 35.15 cents for I&S (debt service).