Page 43 - CityofHaltomFY23Budget

CITY OF HALTOM CITY ANNUAL BUDGET, FY2023 Budget overview

MAJOR SOURCES OF REVENUES

Major sources of revenue are taxes, licenses and charges for operating funds, and bond proceeds
for capital improvement funds.

Taxes and Franchise include property tax, sales and use taxes, and franchise fees. Property tax
estimates are based on current property values, new construction, tax rate and recent collection
rates. Estimates for sales tax are adjusted according to the economic outlook both locally and
nationally. Possible recession and the economic impact will involve a more conservative approach
when budgeting sales taxes. Property taxes are budgeted on values of properties determined by the
Tarrant County Appraisal District, the City’s tax rate, and the expected collection rate. New growth
and the increased values of new development projects being added to the City’s property values
will continue to increase revenues while allowing tax rate reductions in this formula. Franchise
taxes were adjusted based on laws effecting telecommunications in past years.

Licenses & Permits, Charges for Services, and Fine & Fees include licenses, permits, charges
for services, and fines. Trend analysis and known new development projects are used to project all
charges for services.

Intergovernmental revenues are grants from other governmental entities. The City receives
grants for Streets, Police, Fire, Drainage, Parks and Library.

Other revenues are donations, interest income, and other miscellaneous revenues.

Transfers are transactions between funds. Transfers include administrative fees, fleet service
fees, debt service payments, and billing fees.

Bond Proceed Include the bond issuance for the new City Hall, Streets and Parks (Bonds have
been isssued in FY2022). Although bond revenues show in the year they are received, expenses
can carry for multiple years of extended projects.

FY2023 All funds Total Revenue $88,836,734 (By revenue type)
Charges For Service
27,433,922
Sales & Other Taxes
18,187,758
Property Taxes
19,019,805

Transfers
11,147,500
Licenses & Permits
1,977,450 Bond Proceeds
Franchise 5,300,000
3,536,220
Other
Intergovernmental Fines & Fees 1,007,769
424,690 801,620
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