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Richardson budget update: officials cite a $3.2M property-tax impact and stronger-than-expected sales tax
Summary
City budget staff reported second-quarter FY25 results to council, saying a large abatement and post-certification adjustments reduced property-tax revenue projections by roughly $3.2 million while sales tax and other receipts helped offset the gap; staff will present revenue expectations for FY26 in July.
Richardson finance staff briefed the City Council on the second-quarter performance of the city's five main operating funds, reporting a midyear revenue shortfall tied primarily to property-tax roll adjustments but noting sales-tax strength that helped stabilize the general fund.
Budget officer Bob Klimar presented the report and told council the primary pressure point is property-tax revenue: "revenue from current year taxes is expected to be down $3,300,000," he said, attributing the shortfall to a combination of a court-ordered exemption for a university‑affiliated residential property and a post-certification correction by the Collin Central Appraisal District (CCAD) that reintroduced a large tax abatement to the roll. Klimar said CCAD's supplemental adjustment removed roughly $592…
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