Proposed City Budget Presented at Workshop Today

October 1, 2016 – September 30, 2017 

As filed with the City Secretary on July 22, 2016 

This budget is projected to raise more revenue from property taxes than last year’s budget by an amount of $1,938,302, which is an 8.60% increase from last year’s budget. The property tax revenue to be raised from new property is $817,580. The amounts are based on the City’s proposed fiscal year 2017 property tax rate of 42.40 cents per $100 of assessed valuation, which is a reduction of 1 cent from the current rate of 43.40 cents per $100 of assessed valuation. 

Property Tax Rate Comparison Per $100 Valuation      FY 2016   FY 2017 
Proposed Tax Rate                                                                 0.43400   0.42400 
Effective Tax Rate                                                                   0.41715     0.39364 
Rollback Rate                                                                           0.44222   0.42739 

The total amount of municipal debt obligation secured by property taxes for the City of Georgetown is $124,723,537.

If the budget raises almost $2M more than last year in property taxes, it can reasonably be asked why that $2M is not being returned to the tax payer instead of spent.  Other tax revenues, such as sales taxes, are projected to increase sufficiently to pay for any necessary budget increases due to population growth.

Attend the workshop and then let your council members know your priorities for city spending.