Approved 2017-2018 Budget

Approved 2017-2018 Budget

City Council approves proposed Fiscal Year 2018 budget and tax rate 
 
On Tuesday, September 19, the City Council approved the fiscal 2018 proposed budget and tax rate.  The meeting was held at City Hall.

Expenditures across all budgeted funds for the next fiscal year total $50,893,909, which represents a 1.2% increase from the previous year.   However, economic conditions in the housing market suggest that the years of robust growth in local housing values are slowing. This change in the housing market in University Park is evidenced by the relatively small growth (2.19%) in the appraised taxable value as determined by the Dallas Central Appraisal District (DCAD).

The FY18 budget includes a tax rate of 24.8761 cents per $100 of taxable value, which is the same tax rate as the previous fiscal year.  Based on this rate, the average single-family homeowner with a homestead exemption will pay $119 more annually in City property taxes, or slightly less than $10 more per month.

Highlights of the budget include:
 
  • Pay-as-you go capital project financing totaling nearly $6.2 million, which includes a 5% increase in funding for improvements to the City’s infrastructure..
  • An increase of 2 full-time positions related to Public Safety. 
  • A market-based compensation adjustment of 3% for all City personnel. 
  • Increases in TMRS, FRRF and health-care funding. 
  • No increase in usage-based water and sewer rates. No increase to residential sanitation fees.

The budget adoption process includes numerous opportunities for residents to review and comment on the proposed budget. First, City Council refers the proposed budget to a number of advisory committees including:  Finance, Employee Benefits, and Property, Casualty and Liability Insurance.  The committees review the budget and make a recommendation to the City Council regarding adoption.  Next, Council holds a number of public hearings – spanning a two month time frame.  The first tax rate hearing was held on August 15, the second was held on September 5.   September 5 was also the first public hearing on the budget, with a second public hearing held on September 19.  The new budget took effect October 1, 2017.