Traditional Finances
The traditional financial information on this page includes links to budgetary reports, audited financial reports and information about the City’s investments, financial policies, and payroll data. Downloadable check registers and budgets enable interactive access to important financial information.
The Traditional Finances page contains information required by the Texas Comptroller of Public Accounts to qualify for the Comptroller’s Transparency Stars program. The City of Corinth has provided additional financial information that is not required by the Comptroller's program. This information will provide a broader understanding of the City's finances.
Most Recent Financial Information
Governmental funds represent programs and services that benefit citizens and visitors, such as public safety, the library, parks and recreation, animal services and capital maintenance. The costs of these services are primarily financed with property tax and sales tax revenues. Proprietary funds rely on fees and charges for their support. These funds include the provision of water, wastewater, storm drainage, and trash collection services.
Governmental funds report ongoing operations as revenues and expenditures. Other financing sources/uses are used to report non-recurring items, including proceeds from debt issuance, the net effect of intrafund transfers, insurance recoveries, and sales of capital assets. Proprietary funds report ongoing operations as operating revenues and operating expenses. Non-operating revenues/expenses include interest income and expense and sales of capital assets. Capital contributions/transfers include infrastructure received from developers and the net effect of intrafund transfers.
Property Tax
Property taxes are billed in October and become delinquent after January 31st the following year. Assessed values represent the appraised value less applicable exemptions authorized by the City Council. Visit the Property Tax webpage for the current tax rate and to learn more.
Sales Tax
A city can adopt a sales tax if the combined rate of all local sales taxes would not exceed two percent at any location within its territorial limits. The sales tax in Corinth is 8.25% of goods or services sold within the City’s boundaries. The tax is collected by businesses making the sale and is remitted to the State’s Comptroller of Public Accounts on a monthly, and in some cases, a quarterly basis.
Of the 8.25% tax, the State retains 6.25% and distributes 1% to the City of Corinth, .25% to the Street Maintenance Sales Tax Fund, .25% to the Crime Control & Prevention District and .50% to the Economic Development Corporation. Visit the Sales Tax webpage to learn more.
Hotel Occupancy Tax
The City of Corinth levies a 7% hotel occupancy tax, which by law must be used to promote the tourism and convention industry. This occupancy tax is calculated against the cost of a room in a hotel only if the room is ordinarily used for sleeping and does not include the cost of any food served or personal services rendered to the occupant. Reporting and payment of the 7% occupancy tax is made by the hotelier directly to the City of Corinth. Each calendar month is a reporting period and taxes collected are due and payable on or before the 20th day of the month following the end of each calendar month. Visit the Hotel Occupancy Tax webpage to view the Compliance report for SB1121 and to learn more.
Financial Documents
The Finance Department is committed to building public trust through sound financial management and innovative and effective business decisions, implementing the organization's strategic priorities through budget development that is aligned with the Mayor and Council’s priorities, while protecting the City’s assets, ensuring compliance with federal, state and local laws and regulations. The previous Comprehensive Annual Financial Reports, Annual Budgets, Annual Investment Reports, and Comprehensive Monthly Financial Reports are listed below for your convenience.
Annual Audits
Annual Budgets
Annual Investment Reports
Monthly Financial Reports
Downloadable Budget Data
Detailed budget information, actual expenditure information, and the Check Registers can be downloaded from the City's Open Government Portal.
Report for Compliance with HB 3693, Texas Legislative Session 80(R)
House Bill 3693 from the 2007 Texas legislative session requires local governments to annually report their usage and cost for utilities, including electricity, natural gas, and water.
