Page 71 - City of Mansfield FY22 Operarting Budget

Major Revenues

GENERAL FUND

City revenues are based on a combination of factors including analysis of historical revenue, anticipated
changes in the local economic environment and projected growth and development throughout the City.
The City of Mansfield also uses a variety of factors in determining the availability of revenue to fund
operations throughout the City, including but not limited to qualitative and quantitative revenue
forecasting, trend analysis, time series analysis, multi-year historical data, national, state and local
economic trends, undeveloped land, actual and proposed development, quantitative and qualitative
factors including plats and building permits, and the Long Term Financial Plan.

In FY 2021-2022, the City has aggressively estimated revenues based on current residential and
commercial developments approved by City Council, robust economic development efforts and increased
commercial and residential developments within the City. Development in the medical corridor and the
southern portion of the City are expected to continue in FY 2021-2022. Residential and commercial
property valuations have followed recent local, state and national trends, while Sales Tax has exceeded
expectations in light of COVID-19.

Actual Actual Actual Budget Budget
Description 2017-2018 2018-2019 2019-2020 2020-2021 2021-2022 Percent
Property Tax $ 29,975,619 $ 33,966,794 $ 38,318,201 $ 41,077,151 $ 43,408,671 5.68%
Sales Tax 11,797,895 12,772,346 13,801,985 13,733,261 15,223,913 10.85%
Franchise Fees 6,734,684 7,609,435 7,690,256 7,138,603 7,617,430 6.71%
Fines & Fees 2,351,638 2,229,651 3,401,733 2,381,576 2,325,815 -2.34%
Permits 2,515,107 2,447,342 2,806,939 1,931,400 3,044,119 57.61%
Transfers 1,968,843 2,201,911 2,411,696 2,295,947 2,759,961 20.21%
Other* 4,089,792 3,390,321 6,194,690 2,473,915 2,752,528 11.26%

Total $ 59,433,579 $ 64,617,800 $ 74,625,500 $ 71,031,853 $ 77,132,437 8.59%

Percentage 11.70% 8.72% 15.49% -4.82% 8.59%

*Total revenues appear to fluctuate year to year in the “Other” category due to unbudgeted collections
such as contributions and grants. For example, FY 2017-2018 includes $1,107,183 in bonds. “Other” in
FY 2019-2020 includes $2.8M in COVID-19 funds.

A total of $77,132,437 is projected in the General Fund for FY 2021-2022. This represents an 8.59%
increase over the FY 2020-2021 budget, or $6,100,584 in increased revenue. The assumptions used by the
City to formulate the projected 2021-2022 budget are explained and illustrated on the pages that follow.
The property tax rate is $0.69 in FY 2021-2022 and represents no change to the current property tax rate.

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