Page 15 - CITY OF AZLE, TEXAS

allocated to M&O will generate $8,042,133. The proposed rate is 2.9133 cents above the no-
new-revenue rate of $0.539741 and 1.533 cents above the voter-approval rate of $0.5535492.

General Fund

Revenues

The proposed General Fund budget provides for estimated revenues of $16,756,883 during FY
2023-24. This reflects an increase of $1,557,834 (10.25%), of which $1,480,000 is grant
revenue from Tarrant County (via their American Rescue Plan Act (ARPA) funds) compared to
the FY 2022-23 amended budget. Transfers in the amount of $1,188,381 bring total available
revenues for operations to $17,945,264.

General Fund revenue from current ad valorem taxes is projected to be $8,042,133 in FY 2023-
24.

Sales tax revenue is estimated at $3,125,000 in FY 2023-24, which is the same amount as the
amended FY 2022-23 budget. This estimate is based on recent trends in sales tax collections.

New construction building permits are estimated to be $500,000 for FY 2023-24 which is
$250,000 more than the amended FY 2022-23 budget.

Franchise fees are projected at $760,000 which the same amount as the FY 2022-23 budget.

Court fees are anticipated to be $480,000 in FY 2023-24 which is $5,000 more than the
anticipated amount for FY 2022-23.

Within the General Fund, ad valorem taxes, sales taxes, franchise fees, ambulance and fire
fees, court fees and development fees account for 82.19% of the total revenue.

Expenditures

The General Fund expenditure budget for FY 2023-24 is $17,927,910. The proposed amount
reflects an increase of $395,667 (2.26%) from the FY 2022-23 amended budget. Including
transfers in from other funds, revenues are projected to be $17,354 over expenditures before
transfers to other funds. The projected ending fund balance is $6,642,974 or 37.05% of
projected expenses.

Debt Service Fund

Total debt service for outstanding obligations is $787,338. Along with Agent Fees, the total debt
service cost is $789,338. To finance this debt obligation, the budget provides for estimated ad
valorem taxes of $718,755, delinquent tax revenue, penalties & interest of $48,000, and interest
income of $4000. A fund balance of $81,947 is projected for the end of FY 2023-24. Again, the
I&S portion of the tax rate is proposed at $0.0466712.

City of Azle FY 2023-2024 Budget 5