Finance

The City of Live Oak is committed to financial management through integrity, prudent stewardship, planning, accountability, full disclosure and communication. The broad purpose of the Fiscal and Budgetary Policies is to enable the City to achieve and maintain a long-term stable and positive financial condition, and provide guidelines for the day-to-day planning and operations of the City's financial affairs.

Policy scope generally spans areas of accounting and financial reporting, internal controls, both operating and capital budgeting, revenue management, investment and asset management, debt management and forecasting. This is done in order to:

Demonstrate to the citizens of Live Oak, the investment community, and the bond rating agencies that the City is committed to a strong fiscal operation;
Provide precedents for future policy-makers and financial managers on common financial goals and strategies;
Fairly present and fully disclose the financial position of the City in conformity to generally accepted accounting principles (GAAP); and
Demonstrate compliance with finance-related legal and contractual issues in accordance with the Texas Local Government Code, City Charter and other legal mandates.

Accounting, Auditing and Financial Reporting

Accounting – The City is solely responsible for the recording and reporting of its financial affairs, both internally and externally. The Director of Finance is the City's Chief Financial Officer and is responsible for establishing the structure for the City's Chart of Accounts and for assuring that procedures are in place to properly record financial transactions and report the City's financial position.
Audit of Accounts – An independent audit is performed annually by an external auditor.
Financial Reporting – The Finance Department is responsible for all required internal and external financial reporting. This reporting is necessary to sufficiently plan, monitor, control and review the City's financial position. Types of reports include monthly and quarterly financial reports, annual budgets and comprehensive annual financial reports (audits).
Purchasing - The Finance Department provides purchasing support by assisting all departments responsible for solicitation of formal sealed bids, requests for proposals, quotations, cooperative purchasing arrangements and physical inventory and fixed assets
Utility Billing - The Finance Department provides administrative services for the City of Live Oak owned water and sewer service.

Certificate

The City's 2021/22 Annual Comprehensive Financial Report received a Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association. This is the sixteenth consecutive year that the City has received this recognition.

Left to right: Finance Director, Leroy Kowalik - Mayor Mary Dennis

Sales Tax Information

The sales tax rate within the City of Live Oak is 8.25%.

6.25% to the State
1.00% to the City
.50% to the City for the reduction of its property tax rate
.50% to Economic Development Corporation

Sales tax is collected by the State of Texas. To obtain more information please visit the Texas Comptroller of Public Accounts.

Property Tax Information

The tax rate for the City of Live Oak for FY 2023/24 is .385790 cents per $100 assessed value. Property taxes are billed in October of each year, but they do not become delinquent until February 1 of the next year. The Bexar County Tax Assessor/Collector bills and collects the City's property taxes. See 2023/24 Tax Rate Ordinance 1621. (The tax rate for the City of Live Oak for FY2022/23 was .410220 cents per $100 assessed value.)

If you have questions about your property tax bills, please contact:

Bexar County Tax Assessor Collector
(210) 335-2251

Judson Independent School District
(210) 945-5535

The Bexar County Appraisal District is responsible for determining the value of all properties on the tax roll. For specific questions regarding your appraisal, please contact:

Bexar County Appraisal District
(210) 224-2432