The council unanimously voted to approve the city’s fiscal year 2020-21 budget Sept. 21, which includes total revenues of nearly $59 million and expenditures of almost $60.8 million.
The city’s general fund, which makes up about $21 million of the total approved budget, has seen increases in revenue and expenditures compared to last year.
However, expenditures budgeted in the general fund for FY 2020-21 have overtaken revenue, at $21.59 million versus $21.44 million, according to documents for the approved budget. Last year's budget had Bellaire projecting $21.28 million in revenue and $20.68 million in expenditures.
This means Bellaire will tap into about $160,000 of its fund reserves. It will start FY 2020-21 with a fund balance of $5.24 million, with that amount expected to shrink to $5.08 million by the end of fiscal year 2021-22. Its 60-day reserve level is $3.52 million.
The approved tax rate of $0.4473 per $100 of assessed value means that residents can expect to pay an average property tax bill of $3,040, calculated using the average taxable value of a single family home in the city, estimated at $679,789, according to the city of Bellaire, though individual tax bills vary by annual valuations.
With no increase in the tax rate year over year, Bellaire is set to generate $249,000 less in property tax revenue from existing properties, while new properties will contribute $355,167, according to the budget documents.