Title
Consider ratification of the vote on the FY 2025-26 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 $1,844,100, which is a 3.44% increase from last year’s budget. The allocation of the increase in property tax revenue is $1,572,631 for the general maintenance & operations (M&O) of the City and $271,469 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 $331,116.
Staff Recommendation:
The Strategic Financial Engagement Department recommends approval.
Strategic Pillar Icon:
Sustainable Government