Page 120 - CityofWataugaAdoptedBudgetFY24

BUDGET SUMMARY

Revenues and Expenditures by Fund

General Fund

General Fund Revenues The budget provides funding for continuation of current
programs and services. The recreation center programs were reduced in FY2021 and
FY2022, but the City made substantial progress in restoring programs and events.
Revenue projections for FY2023-2024 total $17,750,900, an increase of $1,502,780, or
9.2% from the FY2022-2023 original budget. Increases have been projected for property
tax, sales tax, charges for services, and fines and forfeitures.

➢ Ad Valorem Property Taxes - Revenue collected from property taxes is the largest
component of the General Fund, comprising 41% of revenues in FY2023-2024.
This includes current and delinquent tax payments as well as penalties and
interest. This revenue is calculated based on information from the Certified Tax
th
Roll received July 25 from the Tarrant Appraisal District (TAD). The certified roll
reflects all taxable property in the City as of January 1, 2023. After the roll is
received, the tax rate is set by the City Council based on both the debt rate
required to pay the City’s General bonded indebtedness and funds needed for
maintenance and operations for the use and support of the General Fund.

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