FBTX ~ City Manager Charles Cox has delivered to the City Council a $122.2 million proposed budget for the upcoming 2019-2020 fiscal year that emphasizes investment in public safety, infrastructure and equipment needed to continually improve services to citizens.
The proposed budget is $9 million, or 6.9 percent, less than the current budget that was adopted last year at $131.3 million. Although the property tax rate remains the same in this proposed budget, at 59.95-cents for every $100 of value, the valuation of properties in Farmers Branch, by the Dallas Central Appraisal District, has increased with the City's total taxable value up from $5.6 billion last year to $6.2 billion today.
As such, property tax revenue is expected to increase 11.4 percent to $31.5 million. Likewise, a 19 percent jump in sales tax is predicted, but a 53 percent drop in building permit revenue is anticipated. This is largely due to the bustling building boom on the west side of Farmers Branch settling into a more normal pattern of development.
Public Hearings on the proposed budget are planned during the regular Council meetings of August 20 and September 3. The Council will consider approval of the budget at their meeting of September 17.