Res 1995-121 - Laserfiche WebLink

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(oz-r Municipal Sales Tax History The City has adopted the Municipal Sales and Use Tax Act, VATCS, Tax Code, Chapter 321, which grants the City the power to impose and levy a 1% Local Sales and Use Ta.x v.ithin the City, the proceeds are credited to the General Fund and are not pledged to the payment of the Bonds. Collections and enforcements are effected through the offices of the Comptroller of Public Accounts, of the State of Texas, who r=its the proceeds of the tax, after deduction of a 2% service fee, to the City monthly. Revenue from tlús source, for the years shown, has been: Fiscal Year %of Equivalent of Ended Total Ad Valorem Ad Valorem Per 9-30 Collected Ta.x LeVY Ta.x Rate Cavita(l) 1990 S 2,965,002 72.55% S 0.433 S 80,43 1991 3,770,324 106.13% 0.622 109.74 1992 4,656,171 126.56% 0.756 132.87 1993 5,175,114 141.29% 0.844 147.68 1994 6,217,031 208.71% 0.960 173.06 1995 4,183,972('2) 128.80% 0.593 113.14 (I) Based on estimated population for all years. (2) Collections through May 31,1995. Financial Administration . . The financial administration of the City is vested in the Department of Finance. The Department of Finance operates under the Director of Finance, who is appointed by the City Manager. Required activities of the Department of Finance are CQntrol, custody and disbursement of City funds, assessment and collection of ta.'(es and issuance of licenses. Other activities of the Department of Finance include municipal court, utility billing and collections, internal service fund operation, annual budget preparation and interim and annual financial reports. Financial Policies ~ Basis of ACCQunting . . . The City's accounting records of the governmental fund revenues and expenditures are recognized on the modified accrual basis. Revenues are recogrùzed in the accounting period in which they are available and measurable. Expenditures are recognized in the accounting period in which the fund liability occurred, if measurable, except for unmatured interest on general long-term debt. Proprietary Fund revenues and expenses are recognized on the full accrual basis. Revenues are recognized in the accounting period in which they are earned and become measurable. Expenses are recognized in the accounting period in which they are incurred. Fund Balances. . . It is the City's policy regarding the General Fund and Enterprise Funds that working capital r=urces should be maintained at a mirùmum of 15% of the Funds' operating expenditure budget The City maintains its various debt service funds in accordance with the covenants of the bond ordinances. Use of Bond Proceeds, Grants, etc. . . The City's policy is to use bond proceeds, grants, revenue sharing or other non-recurring revenues for capital expenditures only. Such revenues are never to be used to fund City operations. Budgetary Procedures. . . The City Charter establishes the fiscal year as the twelve-month period beginning each October 1. Each year between May and July, the City Manager, analyzes and then after review, subnùts a budget of estimated revenues and e.xpenditures to the City Council. Subsequently, the City Council will hold work sessions to discuss and amend the budget to CQincic!e with their direction of the City. Various public hearings may be held to comply with state and local statutes. The City Council will adopt a budget prior to September IS. If the Council fails to adopt a budget then the budget presented to the Council by the City Manager becomes the adopted budget During the fiscal year, budgetary CQntrol is maintained by the monthly review of departmental appropriation balances. Actual operations are compared to the amounts set forth in the budget Departmental appropriations that have not been expended lapse at the end of the fiscal year. Therefore, funds that were budgeted and not used by the departments during the fiscal year are not available for their use unless appropriated in the ensuing fiscal year's budget INVESTMENTS The City invests its funds in investments authorized by Texas law in accordance with investment policies approved by the City Council of the City. Both state law and the City's investment policies are subject to change.