By Tom Behrens
A public hearing of the proposed FY2023 City of Katy budget was presented at the Katy City Council meeting on Monday, Sept. 26, 2022, at Katy City Hall, 901 Avenue C, Katy at 6:30 p.m.
Members present: Mayor Dusty Thiele, Mayor Pro Tem Chris Harris, Council Members, Janet Corte, Gina Hicks, Rory Robertson, and Dan Smith
Highlights of the FY2023 Budget
Revenue:
Approve Tax Rate of $0.077688 on each $100.00 of assessed valuation. A Property Tax – 7 percent increase, FY 2023 revenue from property tax, are projected to increase by $1,136,062.00
Approve Tax Rate of $0.362312 on each $100.00 of assessed valuation to fund Maintenance and Operation Expenditures in support of fiscal year 2022-2023 budget.
Sales Tax – The current projection of sales tax for FY 2023 is $14,905,586.00, conservative under the looming economic recession and consequences of instability in Europe due to war.
Enterprise Fund – The City of Katy’s Water, Sewer, and Utility Departments make up the Enterprize Fund. The proposed FY2023 total revenue of $9.8 million represents a $1,254,874.00 or 14 percent increase over FY2022 Service and Other current budget.
Hotel and Occupancy Fund – FY2023 Budgeted Revenue of $1,500,000.00 represents an increase of approximately $100,000.00 or 6.7 percent increase.
A total revenue increase of 44 percent, a 2.11 percent increase, is based on new revenue taxes.
Expenditures:
Service Levels – 5 percent higher to maintain and restore most deferred reductions from the FY 2022 budget.
Compensation – The FY2023 proposed budget includes increases based on the salary increases in a recent salary survey.
Public Safety – The total public safety budget grew 9.3 percent and represents 54 percent of total General Fund budget
Capital Improvement Plan – Capital Improvement Plan documents future capital needs, projected over a five-year period, primarily funded by approved Bonds.
Debt Service Fund – The proposed budget for debt service provides for $3,388,288.00 of debt service payments. The fund balance reserve at the end of the FY2022 is estimated to near the prior year balance of $996,000.00.
A notice of public hearing on the FY2023 proposed budget was posted on Sept. 1, 2022. Public Hearing on proposed tax rate was published Sept. 9, 2022, with public hearing from Sept. 12 through Sept. 16, 2022.
There was no public comment. Motion for approval by City of Katy Council was made, seconded, and approved.