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The Victoria GAZETTE |
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Kelly Grinnell, Finance Manager for the City of Victoria, said that a median value home in Victoria in 2013 is projected to be $302,100. She said the city portion of property taxes on a median value home in Victoria will decline from $1,224 in 2012 to $1,160 -- which amounts to $96.67 per month. It should be noted that the median value home in Victoria has also declined in value from $317,874 in 2012. In 2010 the median value home in Victoria was $357,800 (city tax was $1,338). In 2011 the median value home in Victoria was $341,800 (city tax was $1,278). Tax on a median value home is decreasing along with the median value. If you look at another perspective -- at the percentage of city tax dollars paid on static numbers -- city tax is increasing: ►City tax on a $300,000 home in Victoria in 2012 home was $1,167. Next year, the city tax on a $300,000 home is projected to be $1,185 -- an increase of $18. ►City tax on a $500,000 home in Victoria in 2012 was $1,945. Next year the city tax on a $500,000 home is projected to be $1,975 -- an increase of $30. ►City tax on a $700,000 home in Victoria in 2012 was $2,723. Next year the city tax on a $700,000 home is projected to be $2,765 -- an increase of $42. It is important to remember that the property tax statement also includes school taxes, county taxes, and miscellaneous taxes in addition to city taxes. In 2011 the estimate of building permit/fee income was based on 40 new homes. In 2012 the estimate was 55 new homes. In 2013 the city also projects 55 (40 homes, 15 townhomes). According to Kelly Grinnell, permit/fee revenue from a single family home is $3,782 (projecting 40), while the revenue on townhomes is $2,311 (projecting 15). Kelly pointed out that 80% of city revenue projected for 2013 comes from property taxes. Other revenue comes from issuing licenses and permits, refunds from the state or other governmental units, charges for services, fines, and other such sources. In regard to anticipated 2013 city expenditures in the General Fund (according to character), 40% is for wages and benefits, while 29% goes for Services and Charges, which includes professional contracted services (police, engineer, attorney, financial consultant), utilities, communication, and insurance. Other expenditures include supplies, repairs, maintenance, miscellaneous charges, capital outlay and operating transfers. "Operating Transfers" refers to those dollars transferred from the General Fund and deposited in other funds to purchase large pieces of equipment or projects -- down the road -- and thereby avoid the cost of issuing debt and interest expense. Some of these transfers are made on an annual basis. Transfers proposed for 2013: •Fire Truck Fund $64,135 (Annual contribution from the city for purchase/replacement of fire trucks.) •Capital Equipment Fund $70,000 (For future purchase of Public Works/ park maintenance capital equipment.) •Water Enterprise Fund $150,000 (Repaying loan for purchase of 13.5 acres to expand downtown Victoria.) •Capital Facilities Fund $5,456 (Available to build capital facilities: Public Works Bldg and City Hall.) •Economic Development Authority $10,000 (Funds available for economic development purposes.) •Street Maintenance $150,000 (For long term maintenance including sealcoating and street overlays.) •Revenue Stabilization Fund TBD (A reserve to fund future shortfalls in city operations/unforeseen events; transfer in excess of budget at close of budget year.) TOTAL TRANSFERS: $449,591
Total amounts in the above funds currently are as follows: •Fire Truck Fund ........................ $508,000 •Capital Equipment Fund ............. $53,500 •Water Enterprise Fund ........... $1,475,231 •Capital Facilities Fund ........... $1,622,000 •EDA ............................................ $51,000 •Street Maintenance Fund ......... $701,000 •Revenue Stabilization Fund ...... $215,000
There are also trail, park improvement, and park dedication funds.
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Sue’s Album A symphony of photos and fewer than a thousand words at www.VictoriaGazette.com |
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October 2012 |
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Southwest Christian H.S. 952-556-0040 |
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WATERBROOKE Fellowship A place where all may experience God in a meaningful and personal way, in Victoria. 952-443-0062 |
