Page 45 - FY 2023-24 ADOPTED BUDGET

FINANCIAL POLICIES

The City of Benbrook is committed to providing citizens with the best value for their tax dollars and ensuring that
financial resources are available to invest in community priorities. To protect long-term financial stability, the
City will:

• Continually strive to diversify the tax base.
• Conservatively estimate revenue receipts.
• Fund core services through reliable and predictable revenue sources.
• Predicate expenditures on need, not revenues.
• Utilize additional revenue sources prudently.
• Require a super-majority vote of City Council for use of sales tax funds and gas and oil lease royalties
fund revenues.
• Maximize grant funding.
• Follow a policy of maintaining cash reserves to meet at least three months of operating expenses.
• Keep total annual debt service payments below 20 percent of the City budget.
• Continue “pay-as-you-go” when possible.
• Regularly update the City's long-range financial plan.
• Maintain a high-quality bond rating.
• Hold the line on the current property tax rate and reduce future tax rates as prudently as possible.
• Maintain a balanced budget in that no funds have to be borrowed to provide the proposed level of
services.

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