PUBLIC HEARING NOTICE CITY OF PALMVIEW

NOTICE IS HEREBY GIVEN TO ALL INTERESTED PERSONS, THAT:
The City Council for the City of Palmview will hold a public hearing on Tuesday, September 10, 2019 at 6:00 p.m. at Palmview City Hall located at 400 W. Veterans Blvd., Palmview, Texas, to consider the following:

City of Palmview Municipal Budget for Fiscal Year 2019-2020

Members of the public are encouraged to provide input through any means available including by mail at the address above and/or by attending the public hearing. A copy of the proposed budget is available for inspection in the City Secretary’s Office located at City Hall.

“This Budget will raise more revenue from Property Taxes than last year’s Budget by $415,409, which is an 18 percent increase from last year’s Budget. The property tax revenue raised from new property added to the tax roll this year is $428,874.”

Estimated Revenues
Total estimated revenues from all sources for FY 2020 are $7.1 million, an increase from $6.4 million budgeted in FY 2019. This revenue estimate is based on conservative property tax, sales tax and economic activity projections.

Proposed Expenditures
The proposed expenditures for all Departments for FY are $6.4 million, an increase from $5.5 million budgeted in FY 2019. These proposed expenditures are based on conservative personnel, operating, and capital costs.

Proposed Capital Expenditures
On June 4, 2019, the Council approved the Capital Improvement Program (CIP). However, this is subject to change before the end of the FY 2019. As the Council amends the CIP, the Method of Financing and corresponding Debt Service must be calculated and included in the FY 2020 Budget.

Net Surplus
The Palmview Municipal Budget for FY 2020 does not have a surplus and will not fund the 5.0% General Fund Reserve for this fiscal year.