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2007-08 budget, tax rate to be adopted Monday night
BY DAN EAKIN, Staff Writer
The Lewisville City Council is expected to adopt the 2007-08 budget following a third and final hearing at a special meeting at 7 p.m. Monday at Lewisville City Hall.
In a budget workshop on Aug. 18, the council agreed to propose an operating budget of $60,503.690. That amount compares to the budget of $58,042,000 which was adopted for the 2006-07 fiscal year.
The council also agreed to propose a tax rate of $.44050 per $100 valuation, down only slightly from the 06-07 tax rate of $.45679.
State law now requires that the adoption of a budget that will raise more revenue from property taxes than in the previous year also requires a separate vote of the governing body to ratify (sanction or make valid) the property tax increase reflected in the budget.
Although the tax rate is down slightly from last year, more revenue is anticipated due to an increase in property values.
More revenue from property taxes is expected to be raised in 2007-08 than in 2006-07 by $2,459,539 ($2,294,196 in the general fund, $75,473 in the TIF fund and $89,370 in the debt service fund), according to information provided in the agenda for Monday night.
“The average value of a home in 2006-07 was $141,091,” said James Kunke, community relations director. “The average value of a home for this coming year is $145,947. The owner of an average home in Lewisville would pay about $1.59 cents less in city taxes during the coming year than last year.”
Also on the agenda for Monday night are two consent agenda items approving revisions to administrative policy concerning the utility fund and the governmental fund. The policy changes are related to improvements to the city’s record keeping and allows for greater use of automation in customer service and available resources.
The council is scheduled to go into closed session at the conclusion of Monday night’s public meeting, to discuss property acquisition and deliberate economic development negotiations.
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