Page 4 - Pantego FY23 Budget

September 12, 2022

Honorable Mayor and Members of the Pantego Town Council:

In accordance with the Texas Local Government Code, the Proposed Annual Operating Budget for
fiscal year beginning October 1, 2022, and ending September 30, 2023, is hereby presented. The
proposed Budget presents, in financial terms, is the plan for accomplishment of the delivery of municipal
services during the forthcoming fiscal year. The Budget is a funding mechanism and represents one of
the most significant policy decisions the Town Council makes – how to allocate resources.

Preparation of this document requires a comparison of the anticipated revenues with adopted programs
and priorities, service demands or prior project commitments. While the proposed Budget does not fund
all departmental supplemental requests, the proposed Budget has been formulated by reflecting the
following core values:

- Remaining fiscally sound;
- Providing exceptional governmental services;
- Effectively allocating resources to meet citizen needs; and
- Valuing our employees.

This past year was a period of financial uncertainty in the Town’s economy. Overall occupancy rates in
commercial spaces appear to have remained consistent and property valuations continued to grow.
However, the COVID-19 pandemic made budgeting, which is already a complex endeavor, even more
challenging. With the continued rise in the spread of the virus it was expected that sales taxes would face
some headwinds. Although that did occur in the earlier months our diverse tax base proved to be more
resilient and thus outperformed other areas of the Metroplex, State and Nation. Despite continued
uncertainty surrounding the economy there is currently enough evidence to suggest our sales tax receipts
should remain consistent. Therefore, although we are not raising our projections beyond the conservative
projections we budgeted for last Fiscal Year, we are comfortable assuming any headwinds would match
those of the early part of last year and as such are budgeting them to remain flat.

However, the Town does continue to face challenges as it moves forward. Therefore, the Town
utilizes a strategic planning process that enables the organization to work daily to accomplish
community short and long-term goals and objectives. The plan and policies that enable us to reach
these financial and non-financial goals and objectives include the following areas of concentration:

- Maintaining financial sustainability;
- Maintaining and enhancing the quality, vitality, and attractiveness of the community;

ADOPTED BUDGET FY2022-23 TOWNOFPANTEGO.COM/BUDGET PAGE 2