City Council approves new fiscal year budget
September 19, 2012
CITY HALL ~ The Farmers Branch City Council on Tuesday approved a $73.6 million budget for the coming 2012-2013 fiscal year.
The balanced budget includes a 3 percent increase in water and sewer rates, to cover increased costs for purchased water and wastewater treatment from the City's water provider, Dallas Water Utilities.
Although the new budget does not include a property tax rate increase, according to Tax Code Chapter 26, the City of Farmers Branch adopted a tax rate that will raise more taxes for maintenance and operations than last year’s tax rate. The tax rate will effectively be raised by 0.86 percent and will raise taxes for maintenance and operations on a $100,000 home by approximately $6.26. However, Finance Director Charles Cox said the new budget also lowers the City's debt service by the same 0.86 percent which offsets the effective tax rate increase of $6.26 on a $100,000 home.
The new fiscal year begins October 1.