20130813 FY 2013-2014 Proposed Budget PresentationTown of Prosper
Proposed Budget
August 13, 2013
Presented by:
Harlan Jefferson
Town Manager
Purpose Statement
“Prosper is a place where
everyone matters.”
3
Property Tax Collections
LAST FIVE FISCAL YEARS
Year Ended Percent of Current Total Collections as
September 30 Levy Collected Percent of Tax Levy
2009 98.66% 99.90%
2010 98.77% 99.70%
2011 99.44% 99.80%
2012 99.11% 99.52%
2013 98.83%* 98.83%*
* Collections through March 31, 2013
4
Key Points in 2012 Valuations
Certified Total Taxable (before freeze loss) Increased 9.4%
Collin County Value $ 1,296,559,776
Denton County Value $ 50,849,504
Total Value $ 1,347,409,280
Existing Taxable Values Increased 1.6 %
Increased 2.19% in Collin County
Decreased 11.18% in Denton County
New Construction of $ 94.6 Million
Collin County totaled $ 92.0 Million
Denton County totaled $ 2.6 Million
5
Key Points in 2013 Valuations
Certified Total Taxable (before freeze loss) Increased 15.6%
Collin County Value $ 1,502,899,952
Denton County Value $ 55,001,955
Total Value $ 1,557,901,907
Existing Taxable Values Increased 6.80 %
Increased 6.96% in Collin County
Increased 1.91% in Denton County
New Construction of $ 118.8 Million
Collin County totaled $ 115.6 Million
Denton County totaled $ 3.2 Million
6
Property Valuation History
Source: Collin CAD and Denton CAD Certified Totals 2004-2013
312,600 406,296
569,039
790,120
978,986 1,015,915
1,145,769 1,205,781
1,253,321
1,447,466
242,304 255,321
279,468
315,308
342,977 344,458 333,084 324,387 321,662
351,317
$-
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
$400,000
$-
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
$1,600,000
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Thousands Certified Net Assessed Taxable Valuations
Uses ARB approved Totals
Avg Home Taxable Value
7
Ad Valorem Taxes
Source: Collin CAD and Denton CAD Certified Totals 2013
8
Property Tax Rate Comparison
Source: Tax Assessor-Collector or Municipal Websites
0.360 0.374 0.377
0.462
0.520 0.553 0.565 0.586 0.610 0.610 0.610 0.643 0.645 0.650 0.665 0.680 0.683 0.728 0.771
0.899
$0.00
$0.10
$0.20
$0.30
$0.40
$0.50
$0.60
$0.70
$0.80
$0.90
$1.00
2011 Tax Rates
Rounded to 3 digits if longer
9
Property Tax Rate Comparison
Source: Tax Assessor-Collector or Municipal Websites
0.360 0.374 0.377
0.462
0.520 0.552 .570 0.586 0.610 0.615 0.630 0.698 0.645 0.650 0.665 0.680 0.681 0.757 0.771
0.889
$0.00
$0.10
$0.20
$0.30
$0.40
$0.50
$0.60
$0.70
$0.80
$0.90
$1.00
2012 Tax Rates
Rounded to 3 digits if longer
10
Property Valuations & Ad Valorem Taxes
(Impacts General and I & S Funds)
11
Ad Valorem Tax Distribution 2012
Current and Proposed Rate - $0.52
Debt Service - $0.203086
-Paying $ 2,539,980 in debt from tax revenues
-Balance of scheduled payments are related to self-supporting utilities
If Current Rate of $0.52 used, M&O - $0.316914
-Generates $ 4,254,802 in General Fund Property Tax
If Effective Rate of $0.518321 used, M&O - $0.315235
-Would generate $21,630 less than the Current Rate
If Rollback Rate of $0.511076 used, M&O - $0.307990
-Would be $0.544273 except for additional sales tax for property tax
relief ($0.033197)
-Would generate $115,011 less than the current rate
Note: Prosper and Lucas are the only two Collin County municipalities with
additional sales tax for property tax relief.
12
Ad Valorem Tax Distribution 2013
Current and Proposed Rate - $0.52
Debt Service - $0.193809
-Paying $ 2,804,880 in debt from tax revenues
-Balance of scheduled payments are related to self-supporting utilities
If Current Rate of $0.52 used, M&O - $0.326191
-Generates $ 4,721,505 in General Fund property tax
If Effective Rate of $0.491217 used, M&O - $0.297408
-Would generate $416,624 less than the current rate
If Rollback Rate of $0.463067 used, M&O - $0.269258
-Would be $0.517130 except for additional sales tax for property tax
relief ($0.054063)
-Would generate $824,086 less than the current rate
Note: Prosper and Lucas are the only two Collin County municipalities with
additional sales tax for property tax relief.
13
Average Home Owner
2012 Average Homestead Taxable Value = $ 321,662
Tax rate scenarios
-Current & Proposed Rate $0.520000 – $1,673
-Effective Rate $0.518321 – $1,667
-Rollback Rate $0.511076 – $1,644
Average Prosper Resident Overall Tax Rate – Collin County
Note: Average Taxes are computed using 2011 tax rates for all agencies
Excludes possible exemptions with each entity for simplicity.
Rate per
$100 Valuation Tax Levy
Town of Prosper $ 0.520000 $ 1,672.64
Prosper ISD $ 1.670000 $ 5,371.76
Collin County $ 0.240000 $ 771.99
Collin College $ 0.086300 $ 277.59
TOTALS $ 2.516300 $ 8,093.98
14
Average Home Owner
2013 Average Homestead Taxable Value = $ 351,317
Tax rate scenarios
-Current & Proposed Rate $0.520000 – $1,827
-Effective Rate $0.491217 – $1,726
-Rollback Rate $0.463067 – $1,627
Average Prosper Resident Overall Tax Rate – Collin County
Note: Average Taxes are computed using 2012 tax rates for all agencies
Excludes possible exemptions with each entity for simplicity.
Rate per
$100 Valuation Tax Levy
Town of Prosper $ 0.520000 $ 1,827
Prosper ISD $ 1.670000 $ 5,867
Collin County $ 0.240000 $ 843
Collin College $ 0.086299 $ 303
TOTALS $ 2.516299 $ 8,840
Thank You!
Questions?