Ord 1993-037 - Laserfiche WebLink

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1;l~Br Municipal Sales Tax History The City has adopted the 1-.tunicipal Sales and Use Tax Act, Chapter 321. Texas Tax Code which grants the City the power to impose . . and levy a 1 % Local Sales and Use Tax within 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 orthe Comptroller of Publ ic Accounts of the State. who remits the proceeds of the tax, after deduction of a 2 % service fee, to the City monthly. Revenue from this source. for thi: years shown. has been: Fiscal Year % of Equivalent of Ended Total Ad Valorem Ad Valorem Per 9-30 Collected Tax Levv Tax Rate Capital!' 1981 S 878.369 51.24% $0.728 $ 38.52 1982 1.123.309 56.54% 0.582 45.85 1983 1.305,517 54.59% 0.355 49.87 1984 1,535,273 57.00% 0.388 46.04 1985 1.759,830 50.88% 0386 52.53 1986 1.848,274 48.58% 0.369 52.81 1987 1.629.912 42.60% 0.209 - 47.04 1988 2.330.252 60.62% 0.297 67.25 1989 2.907.649 76.26% 0.444 78.80 1990 2.965.002 72.55% 0.433 80.43 1991 3.770,324 106. 13 % 0.622 109.74 u 1992 4.656.171 126.56% 0.756 132.87 1993 2,417.162:¡ 66.52 % 0.397 69.83 II) Based on estimated population for all years. (2) Collected through March 31, 1993. 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 control. custody and disbursement of City funds. assessment and collection of taxes and issuance of licenses. Other activities of the Departme~t of Finan~e include municipal court, utility billing and collections, internal service fund operation. annual budget preparation and interim and annual tinancial reports. " Financial Policies Basis of Accounting. . . The City's accounting records of the governmental fund revenues and expenditUres are recognized on the moditied accrual basis. Revenues are recognized in the accounting period in w[iich they are available and measurable. Expenditures are recognized in the accounting period in which the fund liability is incurred, if measurable, except for unmatured interest on general long-term debt. The accrual basis of accounting is utilized by proprietary funds. Under the accrual basis of accounting. revenues are recognized in the accounting period in which they are earned and b"come measurable. Expenses are recorded in the a..:..:ounting period in..:urred. it' measurabk. General Fund Balance. . . The City's pel icy is to maintain surplus and unencumbo'rèd funds in an amou'nt not less than 15 % of expenditures in the General Fund. This poli..:y allows the City to avoid'interim borrowing pending tax rec"¡pts. USe of Bond Proceeds, Grants, etc. . . The City's poli..:y is to use bond proceeds, grants, revenue sharing or other non-recurring revenues for ..:apital expenditures only. Su..:h r"venues are never to b" used to fund City operations. Budgetary Procedures. . . The City's Home Rule Charter establishes the fiscal year as the twelv,,-month period beginning October I. Th" departments submit to th" City "'tanager a budg"t ot' estimated expenditures for the ensuing fiscal year by the iirst of June. The City Manager subsequently submits a budget of estimated expenditUres and revenu<,s to the City Council by August I. The City Council shall hold a public hearing on the budget after giving at least 7 days notice at' the hearing in th" official newspaper of th" City. The Council shall then ma!"", any changes in the budget as it deems advisable and shall adopt a budget prior to September 15. During th" tiscal year. budgetary control is maintained by the review of d"partmental appropriation halanc"s with purchase orders prior to their release to vendors. Departmental appropriations that have not be"n expended lapse at the ",nd of the fiscal year. Th<,r<,fore. funds that were budget<,d and not us<,d by th" departments during the fiscal year are not available for thdr use' unless appropriated in the ensuing t'is¿al year's budget. Fund Investm<,nts. . . Th<' City's investment policy parallds stute law which governs investment of public funds The City generally restricts investments to direct obligations of the United States Government and to insured or collateralized bank c"rtiticates of deposits. 22