The tax rate adopted was $0.241165 per $100 valuation, which falls below the posted no-new-revenue rate, according to Chief Financial Officer Jeff Strawn. The maintenance and operations portion of the rate, which is used for general spending, is $0.13182, and the interest and sinking portion, which is used to repay debt, is $0.109353. Both of those were decreases compared to the FY 2023-24 rates, according to city documents.
The adopted tax rate is used for calculating revenues used in the city’s budget. Council also approved the budget, which is $241 million across all city funds, an increase of $29 million from the previous year’s budget.
The fiscal year starts Oct. 1 and runs through Sept. 30, 2025, according to city documents.
Included in the budget are market- and merit-based pay increases for city employees and first responders. For all employees, there is a market-based adjustment of 3% with a possible 3% merit increase for general employees based on performance evaluation. For uniformed police and fire employees, there is a 3% market adjustment and all sworn personnel will receive a 3% or 5% increase on their anniversary date with a passing performance evaluation.
Dig deeper
Strawn said the budget includes $4.9 million going toward the Permanent Capital/Street Maintenance Fund, $2.9 million for fleet replacement and a $1 million transfer to the Quality of Life Fund.
The Crime Control and Prevention District budget will be fully funded, according to city documents.
The general fund budget of $88.5 million is an increase of $8.5 million this year, or 11% compared to last year’s funding, Strawn said.
“I don't know of any other tax city or government entity that is giving back almost all of the inflation due to the sales tax by reducing the ad valorem taxes,” Mayor William D. Tate said. “[To] the staff, you’ve done a great job in giving that back to the city. So, thank y'all very much for working with the public on that.”
