The breakdown
The no-new-revenue proposed tax rate of $0.2454 per $100 valuation is lower than the FY 2024-25 approved tax rate of $0.2509 per $100 valuation.
The FY 2025-26 general fund budget revenue is estimated to be 19.16% higher than the previous fiscal year, according to the budget presentation. Meanwhile, the expenses are estimated to be 13.85% higher than FY 2024-25.
According to the budget presentation, department expenses include $3.6 million for the police department and $1.3 million for public works.
The estimated total cost in expenditures is $9.1 million, with a total estimated revenue of $9.5 million, leaving the city with a $426,610 projected surplus.
Stay tuned
A public hearing on the proposed tax rate and budget is scheduled for Sept. 9 at Magnolia City Hall, 1811 Buddy Riley Blvd., Magnolia.
