Title
Consider an ordinance adopting the Annual Budget for the City of Killeen for the fiscal year beginning October 1, 2023 and ending September 30, 2024.
Summary
DATE: September 5, 2023
TO: Kent Cagle, City Manager
FROM: Miranda Drake, Assistant Director of Finance
SUBJECT: FY 2024 Budget Adoption
BACKGROUND AND FINDINGS:
Article V. of Killeen's City Charter requires the City Manager to submit a proposed budget to City Council that provides a complete financial plan for the upcoming fiscal year. The proposed FY 2024 Budget was submitted to City Council on July 11, 2023. A budget workshop was held on July 11, 2023 to provide City Council and citizens a thorough overview of the proposed budget. City Council has discussed the budget nearly every week since the budget was submitted by the City Manager. In addition, a budget town hall was held on August 17, 2023.
State law and the City Charter require a public hearing be held to elicit citizen comment on the proposed budget. A public hearing was held on August 1, 2023. The City Charter also states that City Council may insert additional items and make increases to the City Manager's proposed budget as long as there is a public hearing held on the changes.
Changes made to the proposed FY 2024 Budget required an additional public hearing to be held on September 5, 2023. Below is a list of those changes:
? General Fund revenue and expenditure budget increased from $120,329,340 to $120,569,340. The net increase in revenue is $240,000 which includes the property tax revenue increase primarily due to a shift from debt service to the maintenance and operations rate from savings in the debt service for 2023 Certificates of Obligation issue ($229,529), the building permit revenue decreased due to a reduction in the rate increases by City Council (-$31,625), and an increase in interest income to offset the difference in other changes ($42,096). The net increase in expenditures includes the Fire Depar...
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