Page 57 - HaltomCityFY25Budget

City Of Haltom City Annual Budget, FY2025 General Fund

GENERAL FUND DESCRIPTION

FUND SUMMARY

The General Fund is used to account for all revenues and expenditures not designated for a specific
purpose. A budget is created annually to plan and control spending and is adopted by the Haltom City
elected City Council members. Expenditures include essential and operational services like police, fire, and
public infrastructure (streets, buildings) contributing directly to the well-being and safety of the community.
Resources from variance revenues are used to support the General Funds including property taxes, sales and
use taxes, franchise fees, license and permit fees, service charges, and fines from the Municipal Court. The
General Fund is the financial backbone of the city, ensuring that it has the necessary resources to provide
a wide range of services to its residents and maintain the infrastructure and facilities that contribute to the
overall quality of life in the community.

CONCLUDING FISCAL YEAR 2024 FINANCIAL PERFORMANCE

Revenues in the General Fund are estimated to total $43 million, which is $3 million more than FY2024 adopted
budget. The City’s strong commercial and economic growth resulted in nearly half a million in additional sales
and use taxes than budgeted, and 1.1 million in property tax collection along with another million received from
interest earnings.
Expenditures in the General Fund are estimated to be $45.7 million revised budget, which is half a million more
than FY2024 adopted budget. Several reasons contributed including fill job openings.

Fund Balance at the end of the year is the net difference in revenues and expenditures added to the beginning
fund balance. The estimated ending fund balance for FY2024 is $31.3 million, $22.1 million is unrestricted which
is 48% more than the minimum required 20% reserve policy.

FISCAL YEAR 2025 BUDGET GENERAL FUND REVENUES

In fiscal year 2025, the General Fund revenue is expected to total $40.1 million, representing a $1.4 million (4%)
increase from FY2024. Even with a conservative approach, revenues in FY2024 expected to increase in most
category such as property tax, and licenses & permit fees reflecting Haltom City’s strong economy. The estimated
taxable property values increased to $4.2 billion, a growth of 120 million more than last year. Because of the
strong property values. Expenditures for fiscal year 2025 are projected to be $45 million, a $0.8 million increase
from the previous budget. The increase includes the replacement of a street sweeper for streets division,
computer desktop, and to rehab the city website. Also, the City included two new positions and salary increases
to meet Council’s long-term commitment towards attracting and retaining high-quality staff. After revenues and
expenditures, plus any budgeted transfers to other funds, the projected ending unreserved fund balance at year-
end 2025 is $14 million. Although the project balance represents $4.2 million less than 2024 budget, it is still
31% over the 20% reserve policy.