Traditional Finances Section
Westlake Receives Texas Comptroller's Transparency Stars Award for Traditional Finances Section
The Texas Comptroller of Public Accounts in 2016 launched the Transparency Stars program, recognizing local governments for going above and beyond in their transparency efforts. Opening financial books to the public, providing clear and consistent pictures of spending, and sharing information for taxpayers in a user-friendly format are some of the reasons the Town of Westlake was one of the first four cities to recently
earn the prestigious 2016 Texas Comptroller's Transparency Star for Traditional Finances!
The program recognizes government entities that accomplish the following:
Opening their books not only in their traditional finances but also in the areas of contracts and procurement, economic development, public pensions, and debt obligations.
Providing clear and meaningful financial information not only by posting financial documents but also through summaries, visualizations, downloadable data and other relevant information.
Congratulations to Jaymi Ford; Finance Supervisor and Melinda Brown; Accounting Technician II for preparing this award-winning website for the Town of Westlake!
The Town of Westlake strives to place an emphasis on transparency. It is our commitment that the Town of Westlake's financial information is readily accessible and available for our citizens. The Finance Department is responsible for preparing financial reports that promote transparency and accountability.
The Following Financial Documents are Available for Your Review:
1. Finance Summary
The following summary data shows changes in net position and is taken from the Town’s Comprehensive Annual Financial Report for the fiscal year ended September 30th, 2016. The Town operates on an accrual basis of accounting. Revenues are recognized when earned and expenses are recognized at the time the liability is incurred.
The Town of Westlake strives to place an emphasis on transparency. It is our commitment that the Town's financial information is readily accessible and available for our citizens.
The Town has opened their books to the public while providing clear, consistent pictures of spending and sharing information in a user-friendly format that lets taxpayers easily drill down for more detail. The Town of Westlake Financial Transparency page contains information regarding budgets, audits, financial reports, check registers, capital improvements, tax rates, bond, and debt information.
The Town of Westlake invites citizens to share their thoughts and opinions with us. Citizen involvement, transparency, and fiscal responsibility are the cornerstones of the Town of Westlake’s Finance Department.
2. Revenues and Expenditures
3. Property Tax Rates
This will be the 8th year the Town has assessed a property tax. The ad valorem tax rate per $100 of assessed valuation for the Town of Westlake continues to be the lowest for municipalities in the immediate area.
The adopted ad valorem tax rate per $100 of assessed valuation will decrease by $0.0008 for FY 2017-2018 to the adopted tax rate of $.13615 (the calculated effective rate).
As a reminder, the effective tax rate is the total tax rate calculated to raise the same amount of property tax revenue for the Town from the same properties.
This link will redirect you to the Property Tax Page - Property Tax Link
Westlake residents can determine which taxing jurisdictions apply to their property as well as obtain current property tax rate information by conducting a property search on the appropriate appraisal district website:
Denton - https://www.dentoncad.com
Tarrant - http://www.tad.org/
The Town’s annual budget is prepared in the context of a five-year financial forecast. The Town’s budget is allocated by fund and is designed to provide a clear picture of adopted spending, allocation of financial resources, and priorities. In addition to a fund format, the budget is the beginning of efforts to show the allocation of the Town’s resources in concert with the Town’s strategic planning efforts. The budget outlines revenues and expenditures based on the Town's fiscal year, beginning on October 1st and ending on September 30th.
The purpose of this awards program is to encourage and assist state and local governments to prepare budget documents of the very highest quality that reflect both the guidelines established by the National Advisory Council on State and Local Budgeting and the GFOA’s best practices on budgeting and then to recognize individual governments that succeed in achieving that goal.
The Town of Westlake has received the Distinguished Budget Presentation Award each year since 2007.
The Comprehensive Annual Financial Report is an analytical assessment of financial behavior completed after the end of each fiscal year. The Town's fiscal year begins on October 1st and ends on September 30th.
This report provides a quantitative look at the operating success, financial health, and compliance of the Town’s government reporting units. It includes a balance sheet, a statement of changes in financial position, a statement of revenues and expense, and a comparison of budgeted to actual expenses and revenues.
The Town of Westlake has received the Certificate of Achievement for Excellence in Financial Reporting Award since 2007.
The Government Finance Officers Association (GFOA) of the United States and Canada established the Popular Annual Financial Report Program, a prestigious national award recognizing conformance with the highest standards for preparation of state and local government popular reports.
In order to receive an Award for Outstanding Achievement in Popular Annual Financial Reporting, a government unit must publish a Popular Annual Financial Report (PAFR), the contents of which conform to program standards of creativity, presentation, understandability, and reader appeal.
The Town of Westlake has received the Certificate of Achievement for Excellence in Popular Annual Financial Reporting Award since 2011.
This document provides a comprehensive plan of capital improvements that are to be undertaken by the Town over the next five (5) years.
Quarterly Financial Reports present the major operating funds of the Town on a budget basis which approximates a modified accrual basis of accounting. These statements are prepared as a tool for management to identify any trends that need to be addressed.
Summary Financial Statements presenting the major operating funds of the Town posted in an Excel spreadsheet readable format.
A check register is a listing of all payments incurred during a quarter by the Town. The check register includes payment date, payment amount, payee and type of expenditure. In an effort to be transparent and accountable to our citizens, the Town of Westlake is posting check register reports showing payments made by the Town of Westlake.
11. OTHER INFORMATION
This link will take you to the Town’s Staff Directory page.
Council Contact Information
This link will take you to the Town’s Council page. It contains meeting information, agendas, and minutes, contact information for the Mayor and Council Members as well as other valuable resources.
Open Records Request
This link will take you the to the Town's online Public Information Request form.
Please use this link to submit an open records request.
Additional information on the Texas Public Information Act can be found on the Attorney General's website: https://texasattorneygeneral.gov/og/open-government
Texas Comptroller Page
This link will take you to the Comptroller's website that provides data on city and county sales and use taxes, property taxes, and franchise taxes.
Texas Transparency Stars
This link will take you to the Comptroller's website about transparency in government. The website is a one-stop source to collect all available information on local government finances in our state, including the existing and proposed debt of cities, counties, school and hospital districts and hundreds of special-purpose districts throughout Texas.
S&P Global Ratings Report; Nov. 18, 2016
The link will take you to Westlake's most recent Standard and Poors Global Ratings Report upgrading the Town's rating from AA+ to AAA, the highest rank.