City of Odessa sets public meetings for proposed tax rate and budget
The City of Odessa has announced public hearing dates for the fiscal year 2019-2020 proposed budget and tax rate.
Several public meetings will be held Tuesday evening and in mid-September to hear community members’ thoughts on the balanced-budget proposals.
The 2019-2020 proposed property tax rate is the same. But with an increase in taxable value, the city estimates it will have more property tax revenue money to spend.
The proposed property tax is .4766 per $100 evaluation. It is the same rate as the current tax rate.
Figures released by the city show that if the average home valued around $129,664 last year is compared to the average value of $144,018 this year, the taxes would increase $68.41 for the year.
All told, the city will see an almost $1.9 billion increase in taxable value, which the city estimates equals around $8 million in additional tax revenue to spend.
The total revenue for all funds (excluding capital improvements), is $245,385,610. The city estimates it would spend $234,894,423 (excluding capital improvements).
The total general fund revenue is $105,075,297, and expenditures from that fund are estimated to be $99,430,783.
The highlights in the proposed budget include giving an additional $5.6 million for street maintenance and increasing the water/sewer budget by $1.2 million for one-time projects.
The proposed budget also accounts for adding 17 full-time employees for fire stations, utilities, parks, and other positions, while also giving the already promised 3 percent raise.
The budget proposes the solid waste rate be increased by 2.7 percent, due to operational costs.
Outside agencies would also have increased funding from Hotel-Motel tax revenues.
The city of Odessa is holding several public hearings about the proposed budget and proposed tax rate. The first meeting will be held on Tuesday, August 27th, at 6 p.m. at Odessa City Hall located at 411 W. 8th Street.
The city is holding another hearing for the tax rate on September 10th at 6 p.m., also at Odessa City Hall.
According to the city of Odessa, the proposed budget includes the following expenditures:
General Fund - $99,430,783
Interest and Sinking- $13,572,333
Water and Sewer- $66,079,814
Internal Service Funds- $31,812,147
Other (golf, storm water, grants, etc.)- $5,817,049