Title
Discuss and consider action to approve an ordinance on first and final reading with the caption reading: An Ordinance of the City of Pflugerville, Texas adopting the Fiscal Year 2024 Budget for the City of Pflugerville, Texas.
Summary
The City of Pflugerville City Charter and Local Government Code (§102.0065) require that a public hearing be held on the proposed fiscal year budget before it is adopted. The attached notice regarding the public hearing was published on the City website (www.pflugervilletx.gov) beginning August 11th and will continue until the adoption of the budget. The notice was also published in the Austin American Statesman on August 11, 2023 and the Pflugerville Pflag on August 16, 2023.
Copies of the FY24 proposed budget are available for public inspection on the City's website at https://www.pflugervilletx.gov/budget.
The proposed budget was published on August 4, 2023, for public inspection as required by Texas Local Government Code 102.005.
Based on the certified property values received from the Travis and Williamson Central Appraisal Districts, the Travis County Tax Office has calculated the Voter Approval Rate at $0.5362/$100 valuation. The FY24 budget proposed for adoption includes a rate of $0.5362/$100 valuation. A public hearing on the tax rate will be held on September 12, 2023 and adoption will occur in a separate item following adoption of the budget on the same night.
All required notices have been published. The required public hearing must be conducted prior to the adoption of the budget scheduled for September 12, 2023. The City Attorney's Office has reviewed this ordinance and has approved it as to form.
The FY24 Proposed Budget was presented to the Finance and Budget Committee on August 31, 2023.
Total General Fund revenue is less than total proposed expenditures by $4.06M. One-time purchases for Capital Outlay items total $4.3M. A portion of one-time purchases for capital outlay will be funded from Fund Balance. Per the City Charter and Finance Policy a minimum of 25% Fund Balance is required. During budget strategy sessions, budget assumptions were set at a target fund balance for the General Fund at 35%. Funding a portion of the proposed capital outlay maintains projects the fund balance at 42.4% exceeding 35% target to build capacity for new municipal facilities and operations.
Note the attached budget document reflects a typo correction on the Debt Service Fund Summary. The TIRZ transfer to debt service now shows $1.7M, which is the correct amount and the number used to calculate the proposed I&S tax rate.
Prior City Council Action
FY24 Proposed Budget presented August 8, 2023.
Public hearing held August 22, 2023.
Deadline for City Council Action
Action is required on first and final reading to adopt the budget on September 12, 2023.
Legal Review Required: N/A __ Required _X_ Date Completed: August 16, 2023
Supporting documents attached:
Budget Ordinance
Exhibit A - FY24 Summary of Proposed Budget
Recommended Action
Approve an ordinance on first and final reading with the caption reading: An Ordinance of the City of Pflugerville, Texas adopting the Fiscal Year 2024 Budget for the City of Pflugerville, Texas.