Rockwall’s city council voted unanimously in favor of adopting the city’s 2015 budget and tax rate during Monday’s meeting, both of which will go into effect on Oct. 1.
According to documents provided to the council, the new budget will raise more revenue from property taxes than last year’s budget by an amount of $822,348, an increase of 4.7 percent from the previous year. The property tax revenue to be raised from property added to the tax roll this year is $969,635.
Under the 2015 budget, the city is anticipating total revenue of $28,864,250 and total expenditures in the amount of $26,277,550 to go with capital reserve expenditures of $860,100, leaving the city with an estimated excess revenue total of $1,726,600.
The ad velorem tax rate adopted for 2015 is 49.55 cents per $100 of assessed value.