The Richardson City Council on Monday unanimously approved the 2013-2014 Fiscal Year Budget.
The budget for the 2013-2014 fiscal year is $207,421,545, which represents an increase of $4,447,781, or 2.2 percent, from the 2012-2013 estimated expenditures of $202,973,764.
“We continue to see a strengthening economy in our community, and particularly with our commercial properties throughout the city,” said Richardson City Manager Dan Johnson. “This budget builds on our prior level of maintenance allocation, with stronger investments in infrastructure maintenance for this next year. Reflecting the City Council’s goal for an active focus on maintenance, the aggregate funding for infrastructure maintenance is increased by 76 percent. The specific allocation for road improvements funded from the dedicated property tax allocation has been increased from 1 penny of the tax rate to 1.75 pennies.”
Key highlights of the 2013-2014 Budget include:
- Certified Tax Roll Increase of 6.2 percent - maintain current tax rate of $0.63516
- Sustained Senior Exemption of $55,000
- 1 percent of Tax Roll equals $667,000 impact
- 1 penny equals $1,000,000
- No change in tax rate
- An increase in the funds dedicated to street maintenance by 83 percent
- An overall increase in key maintenance activities of 76 percent
- 10.9 percent rate adjustment in Water and Sewer
- No rate adjustment in Solid Waste or Golf
- Sales tax forecast 3.5 percent over estimated “base to base” year-end 2012-2013 collections
- General Fund expenditures Increase 2 percent
- Non Personal Services Increase 3 percent
- Up to 5 percent step increases - for the 52 percent of employees eligible and who merit the increase
- 3 percent merit-based increase for those employees at the top of their pay range
- Funding of $2.9 million of four-year debt financing for general equipment, vehicles and projects
For more information about the 2013-2014 Budget, visit cor.net/Budget.