Page 11 - CityofHaltomFY24Budget

CITY OF HALTOM CITY

August 28, 2023

To The Honorable Mayor An Truong and Members of the City Council

Re: The Adopted Annual Budget for Fiscal Year 2023-2024

On behalf of the staff, we appreciate your support and guidance for the development of this budget.
We have been blessed as a community over the past few years with significant economic growth. Our
city’s growth, along with your commitment and service, has made it possible to accomplish great things
for the future prosperity of our community. The council’s Value Statements of Dependability, Integrity,
Responsiveness, Respectfulness, and Accountability are who we, as a city, strive to be every day and are
reflected in the City’s budget.

In consideration of your commitments and goals, I am pleased to present the Adopted Annual Budget for
Fiscal Year 2023-2024. This budget has been thoughtfully crafted to address the continued needs of our
diverse community by incorporating our three-pronged approach of attracting job-creating businesses,
increasing new residential housing, and holding to development and code standards to facilitate
prosperous economic development.

As part of our process the City Council has been able to lower the property tax by more than thirteen
cents ($.13) in seven years. This is remarkable considering all that we have accomplished. In the past, we
had become too dependent on a property tax rate for general City operations to keep up with an aging
infrastructure. Fortunately, our future is much brighter due to the new record economic growth over the
past few years. We have significantly broadened the tax base which created new and needed revenue
streams.

As a result of the growth, Sales and Use revenue has increased by 224% and the new businesses have
brought approximately 5,000 new jobs and new residents to our community in just 7 years. According to
the State Comptroller, we are in the top 100 cities out of 1,221 Texas cities in producing sales tax revenue.
Commercial and residential developments will continue to produce increased revenues for both property
tax and sales tax and supply the necessary revenues to meet strategic goals during our budget planning
process.