Richardson council adopts FY2026 budget, sets property tax rate at $0.54218

The Richardson City Council on Monday adopted the city’s fiscal year 2026 budget and approved a property tax rate of $0.54218 per $100 of assessed valuation, following a public hearing with no members of the public speaking.

City Manager Bob Magner presented the budget as the final step in a yearlong process and said the package ties together general fund, enterprise and restricted funds. "People being our number one priority," Magner said while describing proposed merit increases, public safety investments and capital projects.

Magner told the council the proposed total budget figure was presented as "$418,000,000 $498,278" in the materials and highlighted a $181.5 million general fund. He said 83 percent of general-fund revenue is expected from property taxes, franchise fees and sales taxes. Magner described revenue changes that include a roughly $750,000 decline in interest earnings, a roughly $500,000 revenue increase from an Addison jail contract, and a roughly $260,000 negative impact from a change in state law that limits franchise fees on streaming services.

On the expenditure side, the council-approved budget funds pay increases and recruiting in public safety (including…