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Year-end report shows FY25 savings but city warns SB2 tax cap could pressure future budgets
Summary
Budget Officer Bob Kleinmeier reported FY25 funds finished with overall savings and above-policy fund balances; City Manager Don Magner warned that Texas's SB2 property-tax cap and modeled scenarios could create multi-year deficits without new revenue or program cuts.
Budget Officer Bob Kleinmeier presented the city's FY25 fourth-quarter report to the Richardson City Council on Dec. 8, saying the General Fund finished with $183.6 million in revenue (about $2.9 million above the original budget) and $5.7 million in expenditure savings, leaving a fund balance near 91 days.
Kleinmeier attributed revenue shortfalls in property tax (current-year taxes about $3.5 million below budget) to two issues discussed earlier in the year: a large abatement not captured on the certified roll and a change in taxable status for a North Side development. He said sales tax outperformed expectations by roughly $3.7 million and building permits and other revenues outpaced conservative estimates.
Across operating funds, Kleinmeier reported…
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