Budget Includes No Increases for Tax Rate or City Services
DENTON, TX, Sept. 23, 2020 – The Denton City Council adopted the City’s Fiscal Year 2020-21 budget and tax rate on Sept. 22, 2020.
The FY20-21 adopted budget includes no rate increase from the current tax rate of $0.5905 per $100 of valuation, which still allows the City to maintain a tax rate lower than the no-new-revenue tax rate (formerly known as the effective tax rate), or the tax rate that results in the same amount of revenue from existing properties as the prior year.
The adopted budget includes rate decreases for Water and Solid Waste & Recycling services and continues a trend of no increases to utility rates over the past four years. There are no rate changes for Wastewater and Electric services.
Staff began development of the FY20-21 budget in the spring of 2020, just as the COVID-19 pandemic first began to affect the Denton community. As the FY20-21 proposed budget was being developed, proactive cost-saving measures were implemented by the City to manage the current FY19-20 budget to ensure that core services would continue despite uncertain financial impacts of the pandemic.
The FY20-21 proposed budget was first presented to the Denton City Council in July and August. The City hosted three budget workshops, a public hearing on the budget, and a public meeting on the tax rate in August and September. During this time, residents had the opportunity to provide feedback on the budget and tax rate by attending a virtual public meeting or by submitting their feedback through an online portal.
Additional budget information is available on the City of Denton website at www.cityofdenton.com/budget.
Contact: Ryan Adams, (940) 349-8565, Ryan.Adams@cityofdenton.com
Source: City of Denton