MIDLOTHIAN — As local cities move into budget season for the 2017/2018 new fiscal year, the city of Midlothian is looking at a new budget with a proposed increase.
The city’s proposed Ad Valorem tax rate will also exceed the current effective tax rate.
Residents will have the chance to let the Midlothian City Council know their thoughts on the budget and the proposed tax rate at two upcoming public hearings scheduled for August 22 and September 12, 2017.
Council is set to approve the new fiscal year budget at the September 12, 2017 city council meeting
Ann M. Honza, Finance Director, City of Midlothian said the “The proposed 2017/2018 Midlothian budget is more than last fiscal year.”
Some of the additions Honza points out that are affecting the increase include street resurfacing, purchasing new equipment, adding additional public safety personnel, as well as other increased expenses related to the growth of the community.
Honza said the current numbers for the proposed operating budget are $27,085,639 for revenue and $28,513,270 for expenditure.
The proposed ad valorem tax rate of $0.708244 is also being proposed for the new fiscal year.
Currently the City’s total taxable value has been certified at $3,024,514,485 making each penny worth $302,451. The certified value is itemized as City Value of $ 2,533,449,808 and TIRZ Value of $494,064,677.
With the proposed Ad Valorem Tax Rates at $ 0.708244 these other proposed numbers are also on the table for review including the proposed Maintenance & Operations (M&O) tax rate for
$ 0.36787, a proposed Interest & Sinking (I&S) tax rate (debt) at $ 0.340371, an effective tax rate at $0.673036 and the rollback tax rate at $ 0.714876.
Residents interested in learning more about the Midlothian operating budget and the proposed Ad Valorem tax rate should attend the city’s scheduled public hearings later this month and in mid-September.
The next step the process is that a public hearing will be held at 6 p.m. on Aug. 22 and Sept. 5 at Midlothian City Hall. Public hearings on the city’s annual operation budget will be held at 6 p.m. on Aug. 23 and Sept. 13 at city hall, located at 104 W. Ave. E. in downtown Midlothian.
For more information about the budget, people can contact the staff at city hall at 972-775-3481. Additional information can be found on the city’s website at www.midlothian.tx.us.