Quinlan adopts 2018-19 fiscal year budget

After an extensive review of the city of Quinlan budget items, city leaders Monday night considered and took action on Ordinance No. 2018-09-01 adopting a Budget for the Fiscal Year beginning October 1, 2018, and Ending September 30, 2019.

According to the City of Quinlan FY 2018-19 Annual Budget report, the budget will raise more total property taxes than last year’s budget by $34,098.39 or 6.7 percent, and of that amount $8,859.75 is property tax revenue to be raised from the new property added to the tax roll this year.

The adopted property tax rate is .544000, debt rate is .111217, effective M&O tax rate .401185, effective rate .517697 and rollback tax rate .544495.

“The current tax rate for the City of Quinlan is 0.560000 per $100 of Taxable Assessed Value (T.A.V).  The proposed tax rate for FY 2018-2019 is 0.544000 per $100 T.A.V,” said City Administrator John Adel. “Quinlan's 2018 certified tax roll is approximately $9 million higher than last year, with approximately $1.6 million of that increase from new property added to the tax roll.  Although the tax rate is proposed to decrease, the proposed budget will raise approximately $34,000 more in total property taxes compared to the previous year, and of that amount, approximately $8,800 is from new property added to the tax roll.  The tax revenue for the general fund (the maintenance and operation portion of the tax rate, 0.432783) is estimated at $430,658, while the tax revenue dedicate to debt service (the interest and sinking fund portion of the tax rate, 0.111217) is estimated at $110,671.”

The city council also considered and took action to ratify the Ad Valorem Tax Increase in the budget which is effectively a 6.7 percent increase, took action on levying the Ad Valorem taxes for the fiscal year on all taxable property within corporate limits of the city to provide revenues for the payment of current expenditures and took action on approving the budget for the Quinlan 4B Economic Development Corporation.

Also according to the budget report, the proposed tax rate impact summary shows that the rate represents a tax rate decrease of 0.16, or 1.6 cents per $100 of taxable assessed value. This is a $16.00 decrease per $100,000 of taxable assessed value. The tax rate reduction and valuation increase would result in a tax levy increase of $29.23, on average, for a single family home. The average taxable assessed value for a single family home in Quinlan has gradually increased since 2017.

The city also approved resolution 2018-09-03, declaring October 18 through October 20 as the 2018 Fall “Chunk Your Junk” cleanup event.