Hollywood Park discusses FY 2024-25 budget ahead of adoption

Hollywood Park city staff will present a draft of the proposed fiscal year 2024-25 budget during the Aug. 26 City Council meeting.

In a nutshell

The budget for FY 2024-25 has risen to approximately $13.033 million up from $7.684 million in FY 2023-24. The general fund for FY 2024-25 is estimated at $9.151 million, which is approximately $3.175 million more than FY 2023-24’s adopted general fund of $5.977 million.

The proposed property tax rate remains unchanged from the previous tax rate of $0.4617 per $100 valuation.

According to city documents, personnel costs average 85% of departmental expenses.

What else?

The city of Hollywood Park estimates the total property taxes at $3.643 million. According to city documents, the budget will raise more total property taxes than last year’s budget by $182,360, which is a 5.27% increase. $9,269 of that amount will be raised from new property added to the tax roll this year.

Stay tuned

Hollywood Park city council will meet on Sept. 9 to discuss the direction of the proposed FY 2024-25 budget.