(ROSENBERG) - Rosenberg City Council has adopted the budget and tax rate for the 2023-2024 fiscal year. The budget was adopted during a special meeting on Tuesday, Sept. 12. At that same meeting, the proposed property tax rate of $0.35 did not receive enough votes as required by state law to adopt a tax rate above the “No New Revenue” rate. Therefore, the “No New Revenue” rate of $0.342364 was adopted by ordinance at the Sept. 19 City Council Meeting.
The FY2024 budget, which was formally submitted to City Council on Aug. 1, and discussed at numerous council meetings and workshops, was approved in the total amount of $101,728,442. The new property tax rate is $0.342364 per $100 valuation; a $0.012636 or 3.56 percent decrease from the previous year’s tax rate of $0.355.
Key highlights of the budget, which will go into effect Oct. 1, include:
Funds four new full-time positions; one new part-time position
Funds eight Supplemental Budget Requests including: technology updates, license plate readers, patrol vehicles and civic center improvements
Funds $18.5 million in Capital Improvement Projects including: Fire Station No. 1 renovations, Koeblen Road mobility bond project, water/sewer improvement projects, park and downtown improvements, and street and sidewalk improvements
Includes sales tax revenues projected at $18.8 million
Maintains maximum allowed homestead exemption of 20 percent and maintains exemptions for disabled and over 65 persons at $75,000
Provides a compensation plan increase for employees on Jan. 1
Reduces debt by $6.4 million (including $1.7 million payoff of callable debt which saves approximately $300,000 in interest costs)