Richardson City Council approved the $418 million budget and proposed tax rate during the Sept. 15 meeting.

The gist

The budget includes $181.3 million in expected general fund revenues, a 0.32% increase from the 2024-25 proposed budget.

General fund expenditures, which covers the city’s operational costs, are budgeted at $181.5 million.

City Manager Don Magner said about 67% of expenditures goes to paying personnel.

What else?

Council approved a tax rate of $0.54218 per $100 of assessed value, no change from the current tax rate.

Property taxes rates have two components:

• The maintenance and operations, which funds most of the city’s operating expenses, is $0.32439 per $100 of accessed value.
• The interest and sinking portion, which is used to repay city-issued debt, is $0.21779 per $100 of accessed value.

While the tax rate is set to stay the same, residents may pay more in taxes because of changing property values, Magner said.

Quote of note

“I strongly believe this budget is highly aligned with and responsive to our core missions and responsibilities,” Magner said. “I believe our main goal here in this next year ... should be delivering core services in a way that instills confidence in our community.”