Ahead of the Oct. 1 start of the 2020-21 fiscal year, Buda City Council approved a property tax rate that is expected to generate $6.7 million in total revenue for the city.
At the Sept. 15 meeting, council held the second and final public hearing before adopting the recommended property tax rate of $0.3423 per $100 valuation, which is $0.0073 less than the 2020 rate.
The total net assessed taxable valuation for the city of Buda for 2020 is $1.96 billion, up from 2019's total taxable value of $1.83 billion.
Officials adopted a budget with anticipated total revenue of $36.7 million and $39.5 million in expected expenditures, excluding capital projects.
Included in the budget are funds to hire five new full-time employees, a water rate increase of 3%, a wastewater rate increase of 4% and a general fund of $16 million.
The budget also set aside $14.6 million for capital improvement expenditures for projects including the FM 2001 pedestrian and bicycle sidewalk path, the Garison Park development and Whispering Hollow Street drainage improvements.