Page 30 - FY 2023-24 ADOPTED BUDGET

challenge and still be able to increase employee benefits, enhance services to the public, and maintain or lower the
current property tax rate - without significantly impacting the City's superb financial condition. The Operating Funds
Budget for 2023-24 does not include the use of General Fund reserves, other than a planned transfer; the Operating
Funds fund balance is projected to end the 2023-24 Budget year at $19,572,540.

The 2023-24 Budget reflects the use of $300,000 from General Fund. The City philosophy is to save for future

projects by making transfers from the General Fund to the Capital Projects funds each year. The General Fund
budget is balanced with these transfers in mind. The $300,000 transfer consists of a transfer of $250,000 to the
Capital Asset Replacement Fund to purchase capital outlay items in the future, and a transfer of $50,000 to the
IT/Facilities Fund for possible use with the new municipal complex. General Fund revenues and transfers in are
projected to equal expected expenditures and transfers out.

The 2023-24 Budget does not include the use of Debt Service Fund reserves to finance principal and interest
payments for General Obligation bonds. For this fiscal year, an estimated $5,770 will be added to Debt Service Fund

reserves. The fund balance of the Debt Service Fund is projected to increase from $458,901 to $464,671. Reserves
are restricted; the only allowable use is to pay principal on general obligation bonds and certificates of obligation
bonds, interest on bonds and certificates, and agent fees.

DECREASING OF THE PROPERTY TAX RATE

The City’s property tax rate is always the focus of the budget. After reviewing the change in assessed valuations and
considering potential commercial development in the upcoming years, City Council established the property tax
rate at $0.5650 per $100 valuation. The 2023-24 rate is $0.03 lower than the 2022-23 adopted rate of $0.5950. The
General Fund portion of the property tax rate was reduced by $0.0480 from $0.5740 to $0.5260. The Debt Service
Fund portion of the property tax rate was increased by $0.0180 from $0.0210 to $0.0390. The City was able to
reduce its overall tax rate and adopt a rate below the Voter-Approval rate while still balancing the budget.

Property Tax Rate Comparison FY 2023-24 FY 2022-23

No-New-Revenue Tax Rate $ 0.522509 $ 0.552088
Voter-Approval Tax Rate $ 0.572652 $ 0.598420

Adopted Tax Rate:
M&O Tax Rate $ 0.526000 $ 0.574000

Debt Tax Rate $ 0.039000 $ 0.021000
Total Tax Rate $ 0.565000 $ 0.595000

The certified tax roll received from the Tarrant Appraisal District (TAD) in July 2023 shows the total appraised value
of property in Benbrook at $3,649,145,182; TAD provided revised assessed valuation and property tax data in
September 2023; however, the July 2023 totals are used for all 2023-24 budget calculations. Total exemptions

(over-65, homestead, disability, veterans, pro-rated absolute, and nominal value - below $500) and total
adjustments (absolute exemptions, cases before the Appraisal Review Board, and incomplete accounts) are
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