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<br />Municipal Sales Tax History
<br />
<br />The City has adopted the Municipal Sales and Use Tax Act, VA TCS, Tax Code, Chapter 321, which grants the City the power
<br />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
<br />pledged to the payment of the Bonds. Collections and enforcements are effected through the offices of the Comptroller of Public
<br />Accounts, State of Texas, who remits the proceeds of the tax, after deduction ofa 2% service fee, to the City monthly. Revenue
<br />from this source, for the years shown, has been:
<br />
<br />Fiscal
<br />Year
<br />Ended
<br />9-30
<br />1981
<br />1982
<br />1983
<br />1984
<br />1985
<br />1986
<br />1987
<br />1988
<br />1989
<br />1990
<br />1991
<br />
<br />Total
<br />Collected
<br />$ 878,369
<br />1,123,309
<br />1,30S,517
<br />1,535,273
<br />1,759,830
<br />1,848,274
<br />1,629,912
<br />2,330,252
<br />2,907,649
<br />2,965,002
<br />3,770,324
<br />
<br />FmanciaJ Administration
<br />
<br />'" Based on estimated population for all years.
<br />
<br />% of
<br />Ad Valorem
<br />Tax Levv
<br />51.24%
<br />56.54%
<br />54.S9~
<br />57.00%
<br />SO.88 %
<br />48.58%
<br />42.60"
<br />60.62%
<br />76.26%
<br />72.55%
<br />106.13%
<br />
<br />Equivalent of
<br />Ad Valorem
<br />Tax Rate
<br />$0.728
<br />0.582
<br />0.35S
<br />0.388
<br />0.386
<br />0.369
<br />0.209
<br />0.297
<br />0.444
<br />0.433
<br />0.622
<br />
<br />Per
<br />CaDita'"
<br />$ 38.52
<br />45.85
<br />49.87
<br />46.04
<br />52.53
<br />52.81
<br />47.04
<br />67.25
<br />78.80
<br />80.43
<br />109.74
<br />
<br />The financial administration of the City is vested in the Department of Finance. The Department of Finance operates under the
<br />Director of Finance, who is appointed by the City Manager. Required activities of the Department of Finance are control,
<br />custody and disbursement of City funds, assessment and collection of taxes and issuance of licenses. Other activities of the
<br />department include data processing, utility billing and collections, internal service fund operation, annual budget preparation
<br />and interim and annual financial reports.
<br />
<br />FmanciaJ Policies
<br />
<br />Basis of Accounting. . . The City's accounting records of the governmental fund revenues and expenditures are recognized on
<br />the modified accrual basis. Revenues are recognized in the accounting period in which they are available and measurable.
<br />Expenditures are recognized in the accounting period in which the fund liability is incurred, if measurable, except for unmatured
<br />interest on general long-term debt.
<br />
<br />The accrual basis of accounting is utilized by proprietary funds. Under the accrual basis of accounting, revenues are recognized
<br />in the accounting period in which they are earned and become measurable. Expenses are recorded in the accounting period
<br />incurred, if measurable.
<br />
<br />General Fund Balance. . . The City policy is to maintain sutplus and unencumbered funds equal to three (3) months of
<br />expenditures in the General Fund. This allows the City to avoid interim borrowing pending tax receipts.
<br />
<br />Use of Bond Proceeda, Grants, etc. . . The City's policy is to use bond proceeds, grants, revenue sharing or other non-recurring
<br />revenues for capital expenditures only. Such revcnuca are never to be used to fund City OperatioDl.
<br />
<br />Budgetary Procedures. . . The C'q Charter establishes the fiscal year as the twelve-month period beginning October 1. The
<br />departments submit to the City Manager a budget of estimated expenditures for the ensuing fiscal year by the first of June. The
<br />City Manager subsequently submits a budget of estimated expenditures and revenues to the City Council by August 1. The City
<br />Council shall hold a public hearing on the budget after giving at least 7 days notice of the hearing in the official newspaper of
<br />the City. The Council shall then make any changes in the budget as ~ deems advisable and shall adopt a budget prior to
<br />September 15.
<br />
<br />During the fiscal year, budgetary control is maintained by the review of departmental appropriation balancea wiIh purchase
<br />orden prior to their release to vendors.
<br />
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