Proposed 201415 Georgetown budget totals $231.1 million
On July 22, Georgetown City Council unanimously set the maximum property tax rate for the 201415 fiscal year budget at $0.435 per $100 of valuation. Council also set public hearing dates in August for the budget and the tax rate.
The maximum tax rate is less than last years rate of $0.4395 per $100 of property valuation, but it is about 5 percent higher than the citys effective tax rate of $0.414038.
The effective tax rate is the rate needed to raise the same amount of tax revenue as the previous fiscal year.
While the vote set the maximum rate City Council could adopt, Chief Financial Officer Micki Rundell said the council could still adopt a lower final rate.
On July 25 the Williamson Central Appraisal District certified property values in Georgetown. The average home value increased 16.2 percent in Georgetown to $221,723. In FY 201314 the average home value was $190,802, Rundell said.
In 2014, Georgetowns property valuation exceeded $5 billion for the first time. The citys total assessed valuation was about $5.3 billion, which included $126 million in new and annexed valuations, she said. Existing property values increased an average of 9.2 percent.
WCAD Chief Appraiser Alvin Lankford attributed the increase to low inventory and high market demands.
City Council held four budget workshops July 14, 15, 22 and 29 to discuss the proposed FY 201415 budget. During the meetings City Council members discussed budgeting policy as well as a variety of programs in department budgets they would like to see altered or added.
On July 14, City Manager Paul Brandenburg presented the proposed $231.1 million budget, which includes the citys $52 million general fund budget as well as a $40.4 million capital improvements budget, a $46.9 million Georgetown Utility Systems budget and a $37.1 million purchase power budget.
The general fund serves as the citys operating budget and is about 4.6 percent larger than the previous years budget.
The proposed budget includes 31 new staff positions in a variety of departments, including the police, fire and utility systems departments; $400,000 to study options for the design of a downtown parking garage; $1.7 million for the first phase of the citys civic center project, known as Downtown West; and a cost-of-living pay increase as well as merit pay increases. The cost-of-living increase was covered by a 0.75 percent across-the-board reduction in all city department budgets, according to the proposed budget summary.
City Council members suggested changes to the budget, including maintenance funding for the citys cemeteries and keeping the recreation center open seven days a week. They also discussed reducing funding for renovations to the Mary Bailey Head Start Center from $40,000 to about $6,000 to more adequately reflect required upgrades to meet codes.
Rundell said changes to the budget would not be finalized until the second reading of the budget, scheduled for Sept. 9 at 6 p.m., and City Council will be able to make changes until that date.
Rundell said the budget addressed the citys growth needs as well as legal requirements while being lean and addressing the councils strategic goals.
A copy of the budget can be found at the Georgetown Public Library, 402 W. Eighth St.; at City Hall, 113 W. Eighth St.; or online at www.georgetown.org.
