During its Sept. 18 meeting, in a 3-2 vote on both items, Tomball City Council approved the fiscal year 2023-24 budget on its second reading and proposed a tax rate of $0.293320 per $100 valuation for FY 2023-24. Council members Mark Stoll and John Ford voted against both items.
Budget explained
For FY 2023-24, Tomball’s general fund budget outlines $32.5 million in revenues and $35.2 million in expenditures, resulting in a $2.6 million shortfall, according to the adopted budget.
- City officials plan to use the general fund balance—essentially a savings account—to make up the difference between the projected general fund revenues and expenditures. At the end of FY 2023-24, the fund balance is expected to sit at $26.3 million.
According to the adopted budget, in FY 2023-24, Tomball is anticipated to receive:
- $15.7 million in sales tax revenue
- $5.2 million in property tax revenue
On the expenditure side, some of the general fund expenses in the adopted budget include:
- $14.5 million for public safety
- $6.7 million for public works
- $6.2 million for general government
- $1.1 million for engineering and planning
- $1 million for parks and recreation
The tax rate breakdown
Tomball’s proposed tax rate for FY 2023-24 is $0.293320 per $100 valuation, which is $0.006072 higher than the FY 2022-23 tax rate of $0.287248, according to a presentation from Finance Director Katherine Tapscott.
The 2023 certified taxable value is $3.28 billion, according to Tapscott’s presentation. The certified taxable value is an increase of $638 million, or 24.1%, compared to last year.
“Of that amount, $273 million is due to new improvements,” Tapscott said.
The public hearing and first reading of the proposed tax rate will take place at council’s Oct. 2 meeting, and the second reading will take place at the Oct. 16 meeting.
Learn more
View the FY 2023-24 budget below.
