Page 73 - CityofMansfieldFY24Budget

Major Revenues

GENERAL FUND

City revenues are based on a combination of factors including analysis of historical revenue, anticipated
changes in the local economic environment and projected growth and development throughout the City.
The City of Mansfield also uses a variety of factors in determining the availability of revenue to fund
operations throughout the City, including but not limited to qualitative and quantitative revenue
forecasting, trend analysis, time series analysis, multi-year historical data, national, state, and local
economic trends, undeveloped land, actual and proposed development, quantitative and qualitative factors
including plats and building permits, and the Long-Term Financial Plan.

For the FY 2023-2024 budget, the City has aggressively estimated revenues based on current residential
and commercial developments approved by City Council, robust economic development efforts and
increased commercial and residential developments within the City. Development in the medical corridor
and the southern portion of the City are expected to continue in FY 2023-2024 with plans for major
developments on the horizon. Residential and commercial property valuations have followed recent local,
state, and national trends, while Sales Tax has exceeded expectations, although it may be slowing down.

Total revenues appear to fluctuate year to year in the “Other” category due to unbudgeted collections such
as contributions and grants.

A total of $94,745,797 is projected in the General Fund for FY 2023-2024. This represents an 8.25%
increase over the FY 2022-2023 budget, or $7,220,829 in increased revenue. The assumptions used by the
City to formulate the projected 2023-2024 revenues are explained and illustrated on the pages that follow.
The property tax rate is $0.659293 in FY 2023-2024 and represents a more than two cents decrease as
compared to FY 2022-2023.

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