Town officials released information about the proposed fiscal year 2024-25 tax rate and budget in online documents, with both set to be adopted Sept. 16. Public hearings will be held on the tax rate and budget on that date.
Zooming in
The proposed budget includes increasing the homestead exemption from 12.5% to 15% and lowering the town’s property tax rate to $0.387278 per $100 valuation, down from last year’s $0.3873. Broken down, the tax rate includes $0.323876 for maintenance and operations and $0.063402 for interest and sinking.
In the FY 2024-25 budget, the proposed revenues, which encompass the general fund and all other funds, are expected to be $273.8 million. The total expenditures, also encompassing all funds, are estimated at $352 million.
Officials said the $79 million shortfall is because of $75 million from prior authorized projects and $4 million in one-time expenditures.
The breakdown
In the online document, officials said the budget also includes “maintaining reserve levels per financial policies, providing an equitable compensation plan for town employees, continuing capital improvements, maintaining infrastructure, and providing quality municipal facilities and parks.” Additionally, officials said, the proposed budget uses excess fund balances for one-time decision packages to allow flexibility in future years. As noted in the budget document, decision packages, which can range from street reconstruction to parks to water projects, may be submitted for any proposal that will result in a change in the current level of service, the addition of a new program, and all capital items.
Officials said the proposed budget is a blueprint of the programs and services that the town will provide for the residents and visitors of the community for FY 2024-25, and the budget process is “not only about balancing revenues and expenditures, but it is also an opportunity” for town officials “to evaluate services and plan for improvements in the future.” Officials said they aim to maintain the town's fiscal integrity while addressing council's priorities and service level expectations, and communicate to Flower Mound residents about the community's issues and challenges.
