At its weekly meeting on Thursday, Sept. 12, the Cedar Park City Council formally adopted a 2013-14 budget of $109 million, including a $35 million general fund and a reduction in the city's property tax rate.
Under the new budget, the city's maximum ad valorem property tax rate was decreased from $0.493501 to $0.4925 for every $100 of commercial and residential property valuation.
“With more people shopping locally and our continued focus on seeking efficiencies, we were able to lower the tax rate while keeping a close eye on our future financial obligations," said Cedar Park Mayor Matt Powell in a press release. "I believe that when local government can responsibly provide tax rate relief, they should.”
The city's release said that the $35 million general fund budget for Fiscal Year 2013-2014 focuses on maintaining core services, with an emphasis on public safety for Cedar Park’s rapidly expanding population.
The new budget will take effect for Fiscal Year 2013-2014, which begins Oct. 1, 2013 and runs through Sept. 30, 2014.