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Grapevine City Council voted to approve the proposed annual operating budget for Fiscal Year 2020-2021 in a meeting on Sept. 1.
The final general fund budget of $64.5 million is $6.5 million lower than the previous year’s general fund budget, according to budget documents. It includes cost-cutting measures such as no vehicle replacements in light of an anticipated 18% decline in sales tax revenue and a 28% decline in hotel occupancy taxes.
However, the city is set to invest $1.8 million towards parks, facilities and streets from existing capital funds.
The council is scheduled to vote on a proposed lower property tax rate for the 2020-2021 fiscal year at their Sept. 15 meeting. The current property tax rate is 0.284271. The proposed 0.59 percent reduction would lower the rate to 0.282601 per $100.