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Council reviews $421.7M preliminary FY2024 revenue projection, using $1.16 tax-rate assumption
Summary
Finance Director Carl Daughtry told the Hampton City Council the city projects $421.7 million in recurring revenues for FY2024 (a $27.2 million, 6.9% increase) based on a proposed real estate tax rate of $1.16 per $100 and other assumptions; the presentation notes risks from state budget uncertainty and the national economy.
Finance Director Carl Daughtry presented preliminary revenue projections to the Hampton City Council, saying the administration built its FY2024 estimates on a $1.16 real-estate tax rate per $100 of assessed value and several policy assumptions. "We're projecting, recurring revenues of $421,700,000 which is an increase of $27,200,000 or a 6.9% increase," Daughtry said, attributing much of the growth to higher assessments and increased consumer-driven taxes.
Daughtry told the council the revenue outlook includes uncertainty from the national economy and the state budget process. He noted that the projections use a 93% assessment ratio for qualifying personal property and that state actions (including the general assembly's unfinished budget) could change the numbers. He also pointed out that real estate tax revenue represents about 39% of the city's revenue budget, making the tax rate assumption especially consequential.
The presentation included a breakdown of assessment growth — a weighted 9.8% increase across classes with residential at about 10.3% and multifamily at roughly 12.9% — and a historical collection rate Daughtry said the city expects to hold at 98.4%. Council members asked for comparative data on other localities' reliance on real-estate taxes; Daughtry said he would supply that information.
