Collin County Future Mobility Oct 2023

City tax rate cut in preliminary budget

by | Aug 16, 2017 | Latest

The preliminary budget for the city of Farmersville shows a slight deduction in the tax rate. (Courtesy photo.)

A decrease in the city tax rate was approved preliminarily at the Aug. 8 city council meeting.

The proposed tax rate is 78 cents per $100 valuation compared to last year’s rate of .787564 per $100, which is a slight deduction.

According to budget discussion held at the meeting by Finance Director Daphne Hamlin, within the proposed budget there is a $225,000 deficit in the General Fund. Essentially, she said, this is being caused by the Tax Increment Reinvestment Zone (TIRZ) which gets a portion of the ad valorem taxes.

“Once we see the sales tax and ad valorem taxes start coming in, this will offset it by much more than this $200,000,” City Manager Ben White said.

Hamlin agreed that the $225,000 should be offset by sales tax of new businesses coming in within the near future.

By Wyndi Veigel • News Editor • [email protected]

For the full story see the August 17 issue or subscribe online.

Collin College Farmersville Fall Registration 2023 250x300

0 Comments

Related News

Miscues cost Farmersville in loss to Bridgeport

Miscues cost Farmersville in loss to Bridgeport

Brady Gray (8) gets one of his two touchdowns at Bridgeport on Friday. Farmersville (3-1, 0-1) was handed their first district, as well as, season loss by Bridgeport (1-5, 1-1) on Friday night at Bull Memorial Stadium in their District 5-4A clash. The Farmers trailed...

read more
New laws take effect with more pending

New laws take effect with more pending

More than 700 new Texas laws have taken effect with even more changes on the horizon. September 1 was the effective date for 774 bill passed by the Legislature and signed into law by the governor. House Bill (HB) 3 puts an armed guard on every school campus in Texas...

read more
Meal program serves students in need

Meal program serves students in need

Two schools in Farmersville are now helping students that may need meals on days when school is not in session. “Backpack Buddies” is an initiative at Tatum Elementary and Farmersville Intermediate School (FIS) that gives children access to food items during the...

read more
Downtown salon offers contemporary options

Downtown salon offers contemporary options

The newest salon in Farmersville intends to be a one-stop shop for all things beauty for east Collin County residents. Located just off downtown, The Mane House is a contemporary salon in a cottage-style house that offers all hair and body services in a close...

read more
Annual OTS event happening Oct. 7

Annual OTS event happening Oct. 7

Farmersville will be celebrating a long-standing tradition with its 48th annual Old Time Saturday event. This year’s festivities are a mix of old and new traditions, including Farmersville’s 150th birthday celebration. Vendor spaces are still available until Thursday,...

read more
New ammo for fentanyl battle

New ammo for fentanyl battle

Fentanyl poisoning continues to claim a growing percentage of drug deaths in the state, according to the Texas Health Data dashboard published online by the Department of State Health Services (DSHS). As of Aug. 25, 45.39% of all drug deaths were attributed to...

read more
Community service program halted

Community service program halted

The Farmersville Rotary Club, acting on the advice of one its members who happens to be Farmersville’s Chief of Police, has temporarily suspended a community service project aimed at cleaning up Farmersville. Police Chief Marsha Phillips said she is uncertain on when...

read more
Leaderboard American Heart Association