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City finance director outlines budget picture: $23M operating budget, $9.2M fund balance and constraints on M&O tax growth
Summary
Finance staff said the general fund operating budget is about $23 million, total city budgets near $57 million, an expected fund balance of about $9.2 million and that the city’s tax rate is 50¢ per $100 of valuation with M&O limitations driven by recent state law changes.
Ken, Highland Village finance director (retiring), and staff gave a municipal finance primer explaining how the city’s budgets and tax rate work. Staff said the city’s general fund operating revenue for the year is about $23 million, total budgeted activity across funds is roughly $57 million, and the city expects an approximate fund balance of $9.2 million going…
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