Council adopts budget/tax increase for FY 2018.
September 19, 2017
On Tuesday, September 19, the City Council adopted the fiscal 2018 budget and tax rate.
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 local housing market suggest that the years of robust growth in housing values are leveling off. The flattening of the housing market in University Park is evidenced by the relatively small growth (2.19%) in the appraised taxable value as set by the Dallas Central Appraisal District (DCAD). The FY18 budget has 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 – less than $10 more per month.
Hearing and approval process
The budget adoption process included numerous opportunities for residents to review and comment on the proposed budget. First, City Council referred the proposed budget to a number of advisory committees including: Finance, Employee Benefits, and Property, Casualty and Liability Insurance. The committees reviewed the budget and made a recommendation to the City Council regarding adoption. Next, Council held 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 on September 19. Members of the public were encouraged to attend any or all of these hearings. The new budget will take effect on October 1, 2017.
To review a summary of the proposed FY2018 budget, click here
To review FY2018 budget details, click here
To view the proposed FY2018 budget by fund and department, click here
To view the Tax Rate 2017 Notice, click here