Receive a Staff presentation and hold discussion regarding the Fiscal Year 2023-2024 Financial Update and preliminary Fiscal Year 2024-2025 Budget; and provide direction to the City Manager.
Item 01: Fiscal Year 2023-2024 Financial Update and Preliminary Fiscal Year 2024-2025 Budget
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JHughson
CoSM Members
Please provide copy of adopted budget policy statement for this year.
Please also provide the document we've used before that has all the utility and other increases on it.
What info was in the April 25 preliminary tax roll?
I hope you are planning to explain "circuit breaker" and "Cyclical reduction in growth"
page 21 - is the TxSt purchase reduction total or just general fund since this is in the Downtown TIRZ
page 23 - is this what we charge the enterprise and other funds
Are the contract expenses on page 27 annual?
How much is in the City Hall account now?
When did we last look at the spreadsheet of TIRZ payments that are reducing (FM 110) and 380 payments conf center payments (venue tax) reducing and ending?
Hotel tax, where is the amount for historic projects? Where are we on that?
Hotel tax. Are we planning one or two Downtown Grounds Specialists? See pages 37/38. One on each page. Or is 37 a summary? Not sure purpose of page 38 - could have been included on page 37?
Community Enhancement - can we add more crepe myrtles for beautification?
Resource recovery expenses. Where is TDS?
Please also provide the document we've used before that has all the utility and other increases on it.
What info was in the April 25 preliminary tax roll?
I hope you are planning to explain "circuit breaker" and "Cyclical reduction in growth"
page 21 - is the TxSt purchase reduction total or just general fund since this is in the Downtown TIRZ
page 23 - is this what we charge the enterprise and other funds
Are the contract expenses on page 27 annual?
How much is in the City Hall account now?
When did we last look at the spreadsheet of TIRZ payments that are reducing (FM 110) and 380 payments conf center payments (venue tax) reducing and ending?
Hotel tax, where is the amount for historic projects? Where are we on that?
Hotel tax. Are we planning one or two Downtown Grounds Specialists? See pages 37/38. One on each page. Or is 37 a summary? Not sure purpose of page 38 - could have been included on page 37?
Community Enhancement - can we add more crepe myrtles for beautification?
Resource recovery expenses. Where is TDS?
Responses provided by Trisha Patek, Budget Manager:
Please provide copy of adopted budget policy statement for this year.
Please also provide the document we've used before that has all the utility and other increases on it.
What info was in the April 25 preliminary tax roll?
I hope you are planning to explain "circuit breaker" and "Cyclical reduction in growth"
Are the contract expenses on page 27 annual?
How much is in the City Hall account now?
When did we last look at the spreadsheet of TIRZ payments that are reducing (FM 110) and 380 payments conf center payments (venue tax) reducing and ending?
Hotel tax, where is the amount for historic projects? Where are we on that?
Hotel tax. Are we planning one or two Downtown Grounds Specialists? See pages 37/38. One on each page. Or is 37 a summary? Not sure purpose of page 38 - could have been included on page 37?
Community Enhancement - can we add more crepe myrtles for beautification?
Resource recovery expenses. Where is TDS?
Please provide copy of adopted budget policy statement for this year.
- Budget policy document is attached.
Please also provide the document we've used before that has all the utility and other increases on it.
- Rate history document is attached.
What info was in the April 25 preliminary tax roll?
- Net taxable value $10.3 billion – 6.9% increase from Fiscal Year 2024
- Tax Increment Financing (TIF) taxable value $1.4 billion – 15.9% increase from Fiscal Year 2024
- Taxable value without TIF $8.9 billion – 5.6% increase from Fiscal Year 2024
I hope you are planning to explain "circuit breaker" and "Cyclical reduction in growth"
- Yes, this will be explained.
- The total reduction in property taxes is $475K, $265K goes to the Downtown TIRZ and $210K goes to the General Fund.
- Yes. The transfers, which make up 8% of General Fund revenues are for the costs of support departments, such as City Manager’s Office, Human Resources, Information Technology, etc., that are initially paid from the General Fund and then charged to other funds based on the amount of services received.
Are the contract expenses on page 27 annual?
- Yes, the citywide body camera contract is an annual contract, valid through Fiscal Year 2028.
How much is in the City Hall account now?
- There is currently $8.8 million set aside for City Hall.
When did we last look at the spreadsheet of TIRZ payments that are reducing (FM 110) and 380 payments conf center payments (venue tax) reducing and ending?
- TRZ – Loop 110
- Advanced Funding Agreement of $48 million to be repaid to TxDOT by City and County. The City’s portion is 50% or $24 million. The City has disbursed to the County $11.5 million as of Fiscal Year 2023 with an estimated amount of $4.4 million for Fiscal Year 2024. Estimating to pay off the $24 million by the end of Fiscal Year 2026.
- Hotel Conference Center
- Tax Increment Reinvestment Zone (TIRZ) #3 – In total $2.4 million has been contributed, with the $1.5 million of the amount contributed by the City. An estimated amount of $182K ($126K City portion) for Fiscal Year 2024.
- Through Fiscal Year 2023, the City has contributed a total of $18.9 million from the combination of the 2% venue tax and the hotel tax collected from Embassy Suites. The 2% venue tax is estimated at an amount of $1.1 million for Fiscal Year 2024.
- Outstanding debt of $6.9 million as of Fiscal Year 2023 with scheduled payments totaling $761K due in Fiscal Year 2024. Estimating to pay the outstanding balance by Fiscal Year 2032.
- Hammons’ (380) outstanding debt of $4.4 million as of Fiscal Year 2023 with scheduled payments totaling $487K due in Fiscal Year 2024. Estimating to pay the outstanding balance by Fiscal Year 2032.
Hotel tax, where is the amount for historic projects? Where are we on that?
- Within Hotel Tax, there is $50K in operating expenses for Historic Funding. Destination Services is currently creating a grant process similar to the Arts and Cultural events and programming for this $50K. There is also $145K for Historic Funding in the General Fund.
Hotel tax. Are we planning one or two Downtown Grounds Specialists? See pages 37/38. One on each page. Or is 37 a summary? Not sure purpose of page 38 - could have been included on page 37?
- One Downtown Grounds Specialist is proposed to move from the Downtown TIRZ temporary labor contract to the Hotel Tax Fund as a City employee. This position will be funded by ARP dollars. The other Downtown Grounds Specialist will remain in the Downtown TIRZ as a temporary employee.
- The first slide shows the cost drivers included in the preliminary Fiscal Year 2025 budget. The following slide shows the supplemental requests for the Hotel Tax Fund. (They just happen to be the same)
Community Enhancement - can we add more crepe myrtles for beautification?
- While Crepe Myrtles were planted in the past, they require a fair amount of maintenance to look their best and are not native. Our Urban Forestry program is focusing on planting native trees that are more drought tolerant given the ongoing drought conditions we continue to face and would recommend other flowering trees that would provide a beautification element that would be better suited for our climate and ongoing changes: the Anacua, Texas Mountain Laurel, Texas Redbud, Mexican Plum, and Mexican Buckeye.
Resource recovery expenses. Where is TDS?
- TDS is captured in the operating expenses, and it is the solid waste residential contract that is increasing by $250K. This contract makes up the majority of operating expenses and is estimated to be $5.25 million in Fiscal Year 2025.
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