COPPERAS COVE — City Council members Tuesday approved a $52.8 million budget and a property tax rate of 77.74 cents per $100 of assessed property value for fiscal year 2014 — with one dissenting vote.
Councilman Jim Schmitz voted against the proposed budget, the increased tax rate of 1.74 cents tax rate increase and ratifying the vote for the budget. The current property tax rate is 76 cents.
The city could have used its reserves to cover the tax increase, Schmitz said Tuesday after the vote.
At a previous meeting, City Manager Andrea Gardner warned using so much of the city’s reserves could affect the city’s bond rating.
The property tax rate increase will cost residents with $100,000 households an additional $17.40 for the year.
The higher rate is estimated to generate about $9.4 million in revenue for the city.
Of the new rate, 52.29 cents will be allocated for maintenance and operations and generate about $6.5 million in revenue; 25.45 cents will go toward paying the city’s debt, a $2.9 million cost.
According to the newly approved budget, the city’s general operating fund consists of expenditures proposed at $15.1 million and expenses at $16.1 million. The water and sewer fund projected revenues are $11.6 million and expenses are $11 million.
The solid waste fund showed about $3.3 million in revenue with close to the same for expenditures. Drainage fund revenues are estimated at $891,000 and expenses are proposed at $1.3 million. The golf course fund projects revenues at about $412,000 and $533,000 in expenses.
Contact Mason W. Canales at firstname.lastname@example.org or (254) 501-7474