Page 11 - Euless ORD 2360 Adopted FY 23-24 Budget

allocated to General CIP Fund Balance for future capital projects and to cover
increased costs due to inflationary pressures.
Debt service payments have been included in the General Obligation Debt
Service Fund for the issuance of Certificates of Obligation to fund renovation of
the Police Facility.
Funding has been provided from the Car Rental Fund for the design and
remodel of the Animal Shelter. The animal shelter will be expanded to include
the current Fire Station # 2 which is being relocated.
Depreciation funding for the majority of the City's vehicles, equipment, furnishing
and fixtures, and certain expected building needs including HVAC, roof, and
elevator replacements is included in the baseline budgets.
Several of the recommended reserve levels for funds operated by the City are
based on the number of days of operations. This helps keep up with inflationary
trends. However, a few funds have reserve recommendations at fixed dollar
amounts. This budget recommends an increase to the Risk Fund reserve due to
inflationary pressures and to the Car Rental Fund reserve due to reliance on a
portion of these funds for annual government operations.
A detail of the recommended capital and supplemental programs is included in
this Proposed Budget, as well as in Tab 2 along with a schedule of vehicle,
equipment, furnishings and fixture replacements.

GENERALFUND

General Fund revenues are proposed at $ 53, 295, 741 which represents an increase of
7% from the previous year's budget. The increase is primarily due to increased sales
tax collections and the estimated increase in property tax revenue from new
development and increased values.

Property valuations as of July 25', including minimum value of property under protest
and incomplete properties, provided to the City by Tarrant Appraisal District totaled
6, 844, 091, 124 for FY2023- 24. This represents an increase of $ 842, 526, 450 or 14%
from the FY2022- 23 tax roll of $ 6, 001, 564, 674. The tax rate proposed for FY2023-24 is
45. 750 per $ 100 of assessed valuation, which includes 36. 26970 for maintenance and
operations and 9. 48030 for debt service.

FY2022-23 sales tax collections are projected to end the fiscal year up almost 7. 5%
from budget due to better than expected collections. This is attributed to both continued
commercial development and inflationary increases. Projections for FY2023- 24 sales
taxes assumes a 3% increase over FY2022- 23 original budget.

Other revenue sources vary in their projections. While building permits have been
strong, this revenue source will continue to decline as the City reaches buildout.
Therefore, we continue to reduce our dependence on this revenue. Municipal court fines
and fees collections have increased recently and therefore our projection for next year
has increased slightly. Franchise fees are projected to increase slightly due to the
inflationary impact on rates charged. Jail revenue is expected to increase based on the
contractual agreement with other government entities. Interest income is expected to

201 N. Ector Drive, Euless, Texas 76039- 3595
817/ 685- 1400 Metro 817/ 267- 4403 Fax 817/ 685- 1416
www' culesstx. gov
Ordinance No. 2360, Page 11 of 326 3