Page 27 - BurlesonFY24AdoptedBudget

FISCAL YEAR 2023-2024 BUDGET OVERVIEW

The fiscal year 2023-2024 adopted operating budget for all funds totals $160.3
million for revenues and $159.6 million in operating expenditures. In addition to
the operating budget, a five-year capital improvement plan is included in the
adopted budget, with $97.4 million budgeted for capital projects in the fiscal year

2023-2024. The overall budget for all funds, including capital projects, is $256.9
million.

GENERAL FUND: REVENUES

For fiscal year 2023-24 adopted budget, total revenues are budgeted at
$59,651,098, a 10.9% increase over last year. The increase is primarily attributed
to an 8.0% increase in property taxes and a 6.4% increase in sales tax revenue.
Property and sales taxes make up 70.6% of the general
fund revenues.

PROPERTY TAXES

Tax Valuation
The city’s 2023 property value, as certified by the Johnson County Appraisal District
and Tarrant Appraisal District, is $5,903,926,322, an increase of $714,131,416 or
12.1% over 2022’s $5,189,794,906. This increase in value can be attributed

primarily to rising valuations of existing properties, with an additional
$234,880,289 in new improvements added to the tax base. Total taxable value
increased $710,820,441 or 13.8% from last year’s $4,433,184,219 to
$5,144,004,660.

Tax Rate
The property tax rate in the adopted budget is $0.6325, which is $0.0247 less than
the current rate of $0.6572. The adopted rate is the lowest since FY 2007-2008

With the implementation of Senate Bill 2 in fiscal year 2021, the no-new-revenue
tax rate and the no-new-revenue maintenance and operations (M&O) tax rate were
introduced. The no-new-revenue rate for FY 2023-24 is $0.5936.

The chart on the next page shows the historical trend of the city’s tax rate since FY
2014.

27
27