Magnolia City Council approves $7M budget, lower tax rate for FY 2023-24

At meetings held Aug. 29-30, Magnolia City Council approved its fiscal year 2023-24 budget and a tax rate of $0.2948 per $100 valuation.

In a nutshell

The city’s approved FY 2023-24 budget projects $6.95 million in revenues and $7.04 million in expenditures, resulting in a $86,308 shortfall, according to the Aug. 30 agenda packet.

Meanwhile, Magnolia’s tax rate for the upcoming fiscal year is $0.2948 per $100 valuation, which is $0.0865 less than its tax rate of $0.3813 in FY 2022-23, according to prior reporting.

Zooming in

In the approved FY 2023-24 budget, some of the departments with the biggest projected expenditures include:

• Police department: $2.8 million
• Public works: $1.7 million
• City Hall/administration: $1.5 million

On the revenue side, the adopted budget’s projections include:

• $2.35 million in sales tax revenue
• $684,271 in property tax revenue

Learn more

Read the approved FY 2023-24 budget below.