Page 135 - CityofWataugaAdoptedBudgetFY25

BUDGET SUMMARY

Revenues and Expenditures by Fund

General Fund

General Fund Revenues The budget provides funding for continuation of current
programs and services. Revenue projections for FY2024-2025 total $18,691,820, an
increase of $940,920, or 5.3% from the FY2023-2024 original budget. Increases have
been projected for property tax, charges for services, permits and licenses, fines and
forfeitures and miscellaneous revenues.

➢ Ad Valorem Property Taxes - Revenue collected from property taxes is the largest
component of the General Fund, comprising 42% of revenues in FY2024-2025.
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, 2024. 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.

➢ Property valuations increased 7.3% over prior year. Certified values from TAD
came in at $2,262,802,659 and estimated Net Taxable Values are
$2,303,104,957. In FY2023-2024, valuations increased by 13%, compared to an
increase of 11% in FY2022-2023. In the budget, the tax rate of $0.57020 per 100

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