DeSoto city council set to approve 70.973 cent tax rate

by Daphne Brown of DeSoto TODAY

The city is feeling the financial effects of Wal-Mart opening with this year's tax talks.

DeSoto's Director of Finance Camelia Browder, briefing the city council about its proposed tax rate and taxable property value, said businesses played a major role in this year's figures.

The city's residential and business value for 2007 totaled $2,959,555,830, as calculated by the Dallas County Central Appraisal District.

“A healthy portion of this year's new value was business-related, with Wal-Mart coming on board,” Browder said. “That hasn't happened in a number of years.”

The DeSoto City Council is scheduled to adopt the fiscal year 2007-08 total tax rate of 70.973 cents Sept. 18. Public hearings were held Aug. 21 and Sept. 4 to allow anyone who wanted to address the council about the budget and tax rate an opportunity to do so.

Browder told city council members during a state-required public hearing that the city's revenue for next year is projected at $28.834 million, a growth of 7.3 percent over last year's figure. Expenditures are set to come in at about $28.828 million.

Of the 70.973 tax, 48.592 cents of every $100 of valuation will be used toward the city's day-to-day operations or maintenance and operation while paying the city's debt or interest and sinking portion would be 22.381 cents, if approved by the council.

Browder said the rate is 1.138 cents higher than last year's rate because of the general obligation bonds the city sold in after voters approved the measure in 2003 and the debt related to Town Center.