Page 72 - CityofMansfieldFY25Budget

Major Revenues

GENERAL FUND

City revenue projections 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 2024-2025 budget, the City has conservatively 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 is expected to continue in FY 2024-2025 with plans for major
developments on the horizon. Residential and commercial property valuations have followed recent local,
state, and national trends, while sales tax appeared to be slowing down in the last half of FY 2023-2024.

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

A total of $99,778,080 is projected in the General Fund for FY 2024-2025. This represents a 5.31%
increase over the FY 2023-2024 budget, or $5,032,283 in increased revenue. The assumptions used by the
City to formulate the projected 2024-2025 revenues are explained and illustrated on the pages that follow.
The property tax rate is $0.645000 in FY 2024-2025 and represents a decrease of $0.014293 from the
prior fiscal year.

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