Title
HOLD a public hearing on the proposed Fiscal Year 2025 Annual Budget.
Body
DATE: August 20, 2024
TO: Kent Cagle, City Manager
FROM: Judith Tangalin, Executive Director of Finance
SUBJECT: Hold a Public Hearing on the FY 2025 Proposed Annual Budget
BACKGROUND AND FINDINGS:
On July 2, 2024, the FY 2025 Proposed Budget was delivered to City Council. On July 22, 2024, the City received the certified tax roll from the Chief Appraiser of the Tax Appraisal District of Bell County. On July 30, 2024, the no-new-revenue rate and voter-approval rates were received. This information was necessary to calculate the final proposed tax rate and proposed revenue.
The adjustments proposed below are a result of the receipt of these final numbers. The taxable value difference between the preliminary tax roll and the certified tax roll resulted in additional property tax revenue of $533,984, with $418,498 allocated for maintenance and operations and $115,486 for interest and sinking.
Proposed changes include:
* General Fund
Allocation of the additional property tax revenue, as identified above, and an offsetting transfer out to the Governmental CIP expense.
* Debt Service Fund
Allocation of the additional property tax revenue, as identified above.
* Aviation Fund
Reduction of overstated revenue and a transfer to CIP to accurately account for the Intergovernmental Service Agreement (IGSA) with Fort Cavazos, covering pavement, grounds, fencing, and electrical maintenance/services.
* Aviation CIP Fund
Corresponding reduction of the transfer into Aviation CIP.
* Governmental CIP Fund
Increased appropriation for the transfer from the General Fund related to the additional property tax and the offsetting expense appropriation for the Stagecoach Road project.
* Risk Management Fund
Increased appropriation for insurance costs as updated by TML following the proposed budget submission.
FY 2025 Proposed Annual Budget -
City Council provided a motion of direction on August...
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