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Cedar Hill reports FY 2024 shortfalls in sales and property taxes; moves ARPA dollars to reserves
Summary
Assistant City Manager Allison Reingdown told the City Council on Feb. 25 that unaudited FY 2024 results showed property tax revenue about $570,000 below budget and sales tax about $750,000 below budget; the city closed ARPA allocations and transferred roughly $5.7 million into reserves. The audit will be presented March 25.
Assistant City Manager Allison Reingdown presented the city's unaudited fiscal year 2024 financial report to the Cedar Hill City Council at its Feb. 25 briefing, saying revenues came in below budget in two major categories but the city closed the year with reserves according to plan.
Reingdown told the council the city's property tax receipts were about $570,000 under budget and that "we ended the year under budget by $750,000 or about 5%" on sales taxes. She said those shortfalls were offset in part by stronger-than-expected permit and license revenue and higher interest income.
The report is unaudited and the independent audit will be presented at the council's March 25 meeting after review by the audit committee. Reingdown said the city budgeted conservatively for FY25 and that staff monitored…
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