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Garland CFO outlines TIF revenue growth, $2.3M forecast and FY2526 budget items
Summary
City CFO Matt Watts told the TIF board the district's taxable value has grown to about $415 million (from a 2004 base near $75 million) and staff projects roughly $2.3 million in annual TIF revenue for FY2526; staff proposes a $1.06 million annual transfer to the general fund under the 50/50 concept.
City of Garland Chief Financial Officer Matt Watts gave the TIF South Board a numerical update on Aug. 20, saying the district's base value at creation was about $75 million and that captured value over the past two decades is roughly $340 million. "So right now, the taxable value of this TIF is $415,000,000," Watts said during his presentation.
Watts told the board the projected TIF revenue for FY2526 is approximately $2.3 million, an increase of about $591,000 from the prior year. He said the proposed project and finance plan includes a proposed annual transfer to the general fund of roughly $1,060,000 (half the anticipated revenue under the staff recommendation) to help pay for public‑safety operations along the I‑30 corridor. He emphasized a conservative, pay‑as‑you‑go approach to any new debt and said the city paid off the prior Bass Pro debt service this year.
