Georgetown City Council approved the city’s $868 million proposed budget for fiscal year 2023-24 on first reading at its Aug. 22 meeting.

The overview

The FY 2023-24 budget aims to address the rapid growth in Georgetown, absorb the impact of newly added positions and maintain core services, such as water and public safety, according to city documents.

The budget also includes a strong capital improvement plan and prepares for future bond initiatives, Budget Manager Erica Young said at the meeting.

Council and city staff have been working on the proposed budget since January through a series of workshops and studies.

Budget highlights

The $868 million in expenses is made up of eight different components, which include:
  • Capital projects
  • The general fund
  • The debt service fund
  • The electric utility
  • The water utility
  • Internal service
  • Special revenue
  • Other enterprise
Major expense categories in the proposed budget include $327.5 million for planned capital projects, $71.5 million for electric purchased power expenses, $81.3 million in water operations, $83.5 million in debt service and $54.7 million is budgeted for public safety, Young said.

Regarding recruitment and retention efforts, the city is budgeting for an average merit pay increase of 4%, Young said, which will be implemented January.

New programming in the general fund includes $388,000 for four new communications operators in the police department, $119,000 for a life safety specialist in the fire department, six additional firefighter positions for $400,000 and a $125,000 library master plan.

Next steps

A final reading for the FY 2023-24 budget will take place Sept. 12.

The date for the public hearing on the property tax rate was rescheduled to Sept. 12. The first reading of the property tax rate will also take place Sept. 12, and the final reading will be Sept. 26.