city of San Antonio


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File #: 20-5337   
Type: Staff Briefing - With Ordinance
In control: City Council A Session
On agenda: 9/17/2020
Posting Language: Ordinance setting the Ad Valorem City Property Tax Rate to pay the principal and interest on the funded debt of the City of San Antonio at 21.150 cents per $100 of taxable valuation for the tax year beginning on January 1, 2020 and ending on December 31, 2020.
Attachments: 1. Draft Ordinance, 2. City Manager FY 2021 September 17 Adopted Budget Presentation, 3. Ordinance 2020-09-17-0644
Related files: 20-5338, 20-5339, 20-5333, 20-5334, 20-5335, 20-5336
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DEPARTMENT: Office of Management and Budget                    

 

 

DEPARTMENT HEAD: Scott Huizenga

                    

 

                    

COUNCIL DISTRICTS IMPACTED: City Wide

 

 

SUBJECT:

 

Adopting the Debt Service Tax Rate for FY 2021

 

 

SUMMARY:

 

This item presents for City Council consideration an ordinance adopting the ad valorem City property tax rate to pay the principal and interest on the funded debt of the City of San Antonio at 21.150 cents per $100 of taxable valuation for the tax year beginning on January 1, 2020 and ending on December 31, 2020. The estimated property tax revenue to pay outstanding debt of the City for FY 2021 is $242,699,837 or $10,133,645 more than the FY 2020 Adopted Budget.

 

 

BACKGROUND INFORMATION:

 

Property tax values are determined by the Bexar Appraisal District in conformance with State law. FY 2021 total taxable value for the City of San Antonio is $127.1 billion which is an increase in net taxable value of $6.1 billion, or 5.0% more than the Tax Year 2019 (also being FY 2020) total taxable value. Included in this total is $2.1 billion in new improvements and an increase of $3.8 billion in existing valuations from the FY 2020 Adopted Budget.

The following table shows the components of the Tax Year 2020 (also being FY 2021) Proposed City Property Tax Rate.

CITY PROPERTY TAX RATE (Per $100 Valuation)

 

FY 2020 Adopted Budget (in cents)

FY 2021 Proposed Budget (in cents)

Maintenance & Operations

34.677

34.677

Debt Service

21.150

21.150

Total

55.827

55.827

 ISSUE:

 

The City’s FY 2021 Proposed Property Tax Rate of 55.827 cents per $100 valuation represents no change when compared to the City’s FY 2020 Adopted Property Tax Rate.

 

Calculation of the debt service portion of the property tax rate is dependent on the City’s debt service requirements. The debt service rate for FY 2021 (also being Tax Year 2020) is calculated at 21.150 cents per $100 of taxable valuation which is equal to the FY 2020  (also being Tax Year 2019) debt service tax rate and is consistent with the requirements of the City’s Debt Management Plan.

 

 

ALTERNATIVES:

 

This item is required by City Charter.

 

 

 

FISCAL IMPACT:

 

The debt service tax rate for FY 2021 will generate $242,699,837 in revenues for payment of debt and is consistent with the tax rate recommended in the City Manager’s Proposed Budget. This amount is $10,133,645 more than the FY 2020 Adopted Budget.

 

 

 

RECOMMENDATION:

 

Staff recommends approval of this item.