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City Council Meeting Minutes February 16, 2022 <br />*Expenditures were $5.2M under budget <br />• Salary savings of over $2M <br />• Savings in Contracted services of $2M <br />• Savings in Other Expense of $2M <br />*FY 21 added $8.3M to fund balance — exceeds 25% threshold <br />• Cash fund FY22 General fund CIP to keep debt rate flat <br />• Use for non-recurring expenses <br />• Should not use for recurring costs <br />Property Tax - 31% of total budget revenue <br />Sales Tax - 38% of total budget revenue <br />All other - 31% of the total budget <br />Ms. Miranda provided the FY23 General Fund Revenue Considerations, which <br />include: <br />Property Tax Rate <br />The Tax Rate per $100 in FY19 was 61.39 cents, FY20 61.39 cents, FY21 59.30 <br />cents and FY22 60.30 cents. <br />Property Tax collections for Taxes have been 2017 - $21.64M, 2018-$28.07M, <br />2019 - $30.67M, 2020 - $34.66M, and 2021 - $37.09M <br />FY23 General Fund Revenue Considerations <br />*Property Tax <br />• New homestead exemption of $15,000 and increase to senior/disabled <br />exemption from $25,000 to $35,000 <br />• Consider adopting rate between the No New Revenue Rate and the Voter <br />Approval Tax Rate, as in prior years <br />*Sales tax collections <br />• Projections based on historical trends <br />*American Rescue Plan (ARP) funding <br />*Tax Increment Reinvestment Zones — higher growth areas impacts tax rate <br />calculation <br />*Explore new revenue sources <br />*Development services fee study in progress <br />Ms. Miranda provided the FY23 General Fund Estimated Increases, which <br />include: <br />*Personnel <br />• Compensation Study — set aside 5% for funding results —$3M <br />City of San Marcos Page 7 <br />