To address inflation, market-driven personnel costs, as well as other major one-time projects on the horizon, Taylor’s 2024 budget is likely to swell by about 29 percent this year, city leaders said.
At the July 13 regular meeting of the Taylor City Council, Chief Financial Officer Jeffrey Wood will present a preliminary Fiscal Year 2024 Budget of $62 million, which is about $14 million more than last year, and will be paid for through increased revenue coming into the city, thanks to Samsung Austin Semiconductor and other economic growth factors.
“(This budget represents) multiple projects from multiple master plans, funded by multiple revenues sources,” Wood wrote in his presentation for city leaders. “Truly the FY 2024 Budget is ‘Putting the Pieces Together.’” According to Wood, use and sales taxes, as well as grants the city has received for different master plan improvements, will continue to boost the city’s revenues to historic heights.
In addition, property tax revenues are projected to be $8.2 million for general operations and $6.2 million for debt service this fiscal year, with a tax rate that will be set between 63 to 66 cents per $100 of valuation.
Supporting this rate, “allows new debt to be issued for projects as well as cash funding other projects,” Wood wrote.
Highlights of the new budget include a 3% cost of living increase for city staff, more personnel, subsidies to help senior citizens and low-income households, new park projects and more.
The next scheduled budget workshop will be July 25 and will include a review of the Capital Improvement Plan as well as certified property values from Williamson County Appraisal District.
In other business, at the next meeting the City Council will: Hold a public hearing to modify the subdivision ordinance to expedite the permitting process for industrial projects by allowing permits to be issued prior to accepting subdivision infrastructure.
Hold a public hearing on a new ordinance to expand how the funding from Tax Increment Reinvestment Zone #1 can be used for the city’s Main Street Program to include targeted economic development assistance, additional administrative costs, and third-party contracts.
The Taylor City Council regularly meets the second and fourth Thursday of each month at 6 p.m. at City Hall, 400 Porter St. in Taylor. Agendas and live broadcasts are available at http://www.taylortx.gov.
