Title
Consider ratification of the vote on the FY 2024-25 annual budget which results in more revenue from ad valorem taxes than the previous year.
Summary
See attached memorandum.
Fiscal Impact:
The property tax revenue increase is $2,384,995, which is a 4.61% increase from last year’s budget. The allocation of the increase in property tax revenue is $1,550,896 for the general maintenance & operations (M&O) of the City and $834,099 for principal and interest payments due during the year on bonds outstanding (Interest & Sinking (I&S)). The property tax revenue to be raised from new property added to the tax roll this year is $191,213.
Staff Recommendation:
The Strategic Financial Engagement Department recommends approval.
Strategic Pillar Icon:
Sustainable Government