The 2024-25 budget and tax rate are expected to be placed on Richardson City Council's Sept. 16 agenda. The city’s current budget runs through the end of the fiscal year Sept. 30.
What you need to know
The proposed budget for the 2024-25 fiscal year is $406 million, which is a more than $7 million, 1.8%, increase from the $399 million budget for 2023-24. Council members received the proposed budget from the city manager at the Aug. 19 meeting.
According to city documents, the budget includes an up to 3% merit-based pay increase for all employees. Select police and fire personnel could receive additional step increases.
Additionally, council members will hold a second public hearing on the proposed tax rate of $0.54218 per $100 of assessed value, which is $0.01877 lower than the current rate of $0.56095 per $100 of assessed value. The rate consists of the following:
- Maintenance and operations, used for operating costs, is $0.32439 per $100 of assessed value
- Interest and sinking, used to repay debt, is $0.21779 per $100 of assed value
If council members adopt the 2024-25 fiscal year budget and tax rate, they will become effective Oct. 1. The new property tax rate will impact bills received in 2025.
