Page 74 - CityofMansfieldFY23Budget

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 2022-2023, 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 2022-2023. Residential and commercial
property valuations have followed recent local, state and national trends, while Sales Tax has exceeded
expectations in light of COVID-19.

Total revenues appear to fluctuate year to year in the “Other” category due to unbudgeted collections such
as contributions and grants.

A total of $87,524,968 is projected in the General Fund for FY 2022-2023. This represents an 13.47%
increase over the FY 2021-2022 budget, or $10,392,531 in increased revenue. The assumptions used by
the City to formulate the projected 2022-2023 revenues are explained and illustrated on the pages that
follow. The property tax rate is $0.68 in FY 2022-2023 and represents a one cent decrease as compared to
FY 2021-2022.

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