The budget includes $64.5 million for the city’s general fund, $24.2 million for the utility enterprise fun, and $20.3 million for the convention and visitors bureau fund, among nine other funds.
The next and final step for City Council is to adopt the FY2020-21 tax rate at its Sept. 15 meeting. That rate is proposed as $0.282601 per $100 valuation.
The city's current property tax rate is $0.284271 per $100 valuation. For a city of Grapevine’s size, its tax rate is among the lowest in the state, according to officials.
“Grapevine is the second lowest property tax in Texas for full-service cities with populations over 50,000,” Chief Financial Officer Greg Jordan said at an Aug. 18 meeting.
See the approved budget below: