Devine adopts budget, lowers tax rate

The Devine City Council adopted a 2018-2019 fiscal year tax rate of $0.5013 per $100 of valuation and a projected surplus budget at a Special meeting held last Tuesday, Sept. 25.
While the tax rate is lower than the FY 2017-2018 rate of $0.5110, an additional $6,347 is projected to be raised thanks to increased property tax valuations, which are set by the Medina County Appraisal District. New property added to the tax roll is expected to account for $7,843.
The budget that was approved included general fund revenues of $3,604,931; water and sewer fund revenues of $2,597,259.59, and lodging fund revenues of $10,697.
Expected expenditures for the general fund were set at $3,604,931; $1,952,419.66 for the water and sewer fund, and $10,697 for the lodging fund, leaving a projected surplus of $644,839.93.
The increase in water and sewer revenue is a result of increased utility rates that recently went into effect to repay over $9 million in 30-year loans awarded to the City by the Texas Water Development Board in order to replace asbestos cement water pipes throughout town.
The first payment is due Feb. 1, 2019, and according to City Accountant Denise Duffy, includes $120,712 in principle and $25,718 in interest.
No money was budgeted for the debt service, TCOLE, or HOME program funds.
District 2 Councilman Steve Lopez, District 3 Councilman David Espinosa, District 4 Councilwoman Jennifer Schott, and District 5 Councilman Cory Thompson all voted to approve the tax rate and buget.
District 1 Councilman David Valdez was absent.
By Marly Davis
Staff Writer