Universal City City Council held the second public hearing for the fiscal year 2023-24 budget Sept. 5.

In the approved budget, the general fund is expected to have $17.64 million in revenue and $18.89 million in expenditures. With transfers in and out of the general fund, the estimated end balance is equal to the Oct. 1 start balance of $15.72 million, meaning the expenditures and revenue are expected to balance out.

By the numbers

The following numbers are a breakdown of all funds within the city’s budget, including the general fund, enterprise funds, special revenue funds, miscellaneous funds, debt service funds and capital improvement funds:
  • Estimated start balance: $80.15 million
  • Estimated revenues: $37.94 million
  • Estimated expenses: $47.45 million
  • Estimated end balance: $70.63 million
Capital improvement funds have an estimated start balance of $10.43 million with $40,000 in estimated revenue and estimated expenditures of $9.34 million, leaving the balance with an estimated end balance of $1.49 million.

What residents should know

The tax rate in the FY 2023-24 budget is $0.517499 per $100 valuation. This tax rate is a decrease from the FY 2022-23 rate of $0.54.

Despite the decrease in tax rate, homeowners can expect to see an increase in taxes paid due to the increase in appraised house values.

According to information submitted by city staff, the average taxable homestead value is $269,403, which results in an average tax increase of $77.35. Changes in taxes vary based on property value.

Overall, the budget is anticipated to raise more in total property taxes than the FY 2022-23 budget by approximately $437,350. New property added to the tax roll is expected to make up $163,832 of that.

More information on the budget and tax rate can be found here.