Irving, Texas. September 6, 2012 –
Irving Flood Control District Section III (IFCD 3) has published its official notification to residents of the Valley Ranch area that the tax rate in support of IFCD 3 services for fiscal year 2012-2013 is proposed to be 13.9 cents per $100 valuation.
The proposed rate represents a one half of one cent increase from the 13.4 cents per $100 valuation that had been levied for the current 2011-2012 fiscal year. This modestly increased tax rate allows for funding of capital improvements in the District’s emergency power system at the pump station. It follows a year in which the board was able to enact short term reductions in both operating and capital expenses, according to IFCD 3 board President Kim Andres.
“During this past fiscal year, IFCD 3 paid off a small remaining balance on the District’s Series 1990 bond issue, and was able to appropriately redirect a fund balance associated with this concluded bond program to fund several capital projects without any borrowing activities. Taken together, these actions had resulted in a substantial reduction in the funding required for 2011-12 and a corresponding reduction in the 2011-12 tax rate, compared to the previous 2010-11 fiscal year,” said Andres.“The need to move into the next phase of updating the electrical system at the pump station, including the addition of back-up electrical generation capabilities, suggests that District advance a budget which can be achieved by the one half of one cent increase in the tax rate. The pump station improvements are a multi-year project; we anticipate these electrical system updates to be completed in fiscal year 2013-14.”
The proposed 13.9 cent per $100 valuation tax rate will be on the agenda for adoption at the September 10, 2012 meeting of the IFCD 3 board, to be held at 6:30 p.m. at the Cimarron Recreation Center, 201 Red River Trail in Irving. The 2013 IFCD 3 fiscal year runs from Oct. 1, 2012 through September 30, 2013.
About Irving Flood Control District Section III
Irving Flood Control District Section III (IFCD 3) is responsible for providing flood control facilities and operations and preserving the high quality of life provided in Valley Ranch. The District safeguards people and enhances the economic value of property by constructing and maintaining canals, ponds and other natural water management facilities throughout the community. A publicly funded organization, IFCD 3 is led by a five-member board appointed by the Irving City Council. District board members are committed to serving their fellow residents of Valley Ranch in an efficient, effective and transparent manner.
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