At the regular meeting Monday night, the Rockwall City Council adopted the effective tax rate, which results in the lowest rate in more than a decade.
The approved tax rate is 2.15 cents less than the rate last year. Also at the meeting, the Council adopted the budget for fiscal year 2018-2019.
The City Council directed staff to prepare a balanced budget based on the effective tax rate, which allows the City to collect the same amount in taxes as the year before, as calculated by formulas prescribed by the state. The new tax rate of 40.21 cents per $100 of valuation is down from the 42.36 cents adopted for the previous year.
The actual change in ad valorem tax for any individual property is also a function of its assessed value.
Some of the highlights of the 2018-2019 budget include:
* General Operating Budget of $37,902,500
* Total assessed value of $5.69 billion
* Six new full-time firefighters, one training officer, and new fire truck in the Fire Department
* Three new school resource officers (75% funded by RISD), and one sergeant position in the Police Department
* Two new positions in the public works department
* $2.5 million for street maintenance and repairs
“As in previous years, this City Council remains committed to fiscal responsibility. It is important to our Council members to continue to provide a high quality of life for residents—without passing additional burdens on to our taxpayers,” said Rockwall Mayor, Jim Pruitt.
The new budget continues to address important services such as public safety, parks and recreation, and street repairs and maintenance. Several factors combined to enable the City to utilize the effective tax rate without making substantial cuts to the budget, including increasingly robust sales tax revenue coupled with significant increases in growth related new value. The City’s fiscal year for 2019 begins on October 1, 2018.