Richardson City Council adopted a $149 million budget and a reduced tax rate at its Aug. 23 meeting

Richardson City, TX – According to the city officials, the staff is budgeting about $147.3 million in new general fund revenue, which is down 1.8% from the $149.9 million estimated for fiscal year 2020-21.

Officials say that this money will be supplemented by a beginning fund balance of about $38.6 million.

The majority of revenue in the general fund comes from property taxes; however, sales tax, franchise fees and other funding sources are also included.

Total property tax revenue is projected at $67.9 million for the upcoming fiscal year, a 3.6% increase of $2.3 million year over year.

Sales tax is expected to land at $38.9 million, an annual decrease of about $5.4 million; however, city officials said they are budgeting sales tax conservatively due to the ongoing pandemic.

A $0.01 reduction in the property tax rate to $0.61516 per $100 valuation translates to an additional $34 a year for the average homeowner. That increase would have been $62 had the city adopted last year’s rate of $0.62516 per $100 valuation.