The gist
City Council unanimously approved a FY 2024-25 total tax rate of $0.787 per $100 valuation. The city’s FY 2023-24 total tax rate was $0.7425 per $100 valuation, which is the same tax rate the city has had since 2021, as previously reported by Community Impact.
According to Aug. 19 budget documents, the city’s total tax rate is made up of:
- $0.641018 for the maintenance and operations rate, or M&O, which pays for salaries, supplies and day-to-day operations
- $0.145982 for the debt service rate, which pays for interest on bonds and other debt secured by property tax
Diving deeper
Jersey Village’s FY 2024-25 municipal budget—which was unanimously approved by City Council on Aug. 19—includes about $25.4 million in total general fund expenditures and about $21.2 million in total general fund revenues, according to Aug. 19 budget documents.
As of press time Aug. 21, Community Impact was awaiting city leaders’ response on how the city plans to address the expenditure and revenue funding gap.
According to Aug. 19 meeting documents, highlights of the FY 2024-25’s general fund budget compared to the FY 2023-24 budget include:
- $1.65 million less in total revenue year over year, including sales tax, which dropped by $850,000 and property taxes, which grew $214,787 year over year
- $5.82 million less in total expenditures year over year
- $128,286 more for the fire department year over year
- $108,248 more for the police department year over year
- $155,032 less to the streets department year over year
- $101,685 less to the parks department
- $8.1 million for utility projects, which is $881,349 less than in FY 2023-24
- A nearly 10% increase to water and sewer rates, leaving the city’s utility fund with $613,111 more revenue compared to FY 2023-24
FY 2023-24 is slated to end with $1.5 million less in revenue than budgeted for, according to May 15 city budget workshop presentation materials.
According to City Manager Austin Bleess’ May 15 presentation, the revenue gap is due to:
- Sales tax revenue being lower than the amount budgeted
- City fines being down
- Decreases to the Medicare cost share from the state
- Slowing new business growth