Richardson’s latest budget report shows revenue is up in the first quarter of fiscal year 2019-20. (Courtesy Adobe Stock)
General fund revenue totals $42.3 million, a $4.2 million increase year over year. The general fund pays for basic city services, such as public safety, parks and administration.
Property tax collections account for $27.4 million of the general fund, up slightly from last year’s collection, Richardson Budget Officer Gary Beane said during a Feb. 12 City Council meeting.
The increase is indicative not only of growth in the tax base, but also the timing of receipt of large tax remittances from mortgage companies, Beane said.
Three months into FY 2019-20, sales tax collections total $7.3 million, about $131,000 more than this time last year, Beane said.
General fund expenditures so far this year total $43 million, Beane said. Costs related to recovery from the Oct. 20 tornado total $876,000, he added.
The city’s remaining funds are performing as expected, Beane said. Revenue is up in the city’s water and sewer fund as well as in its solid waste services fund. More revenue derived from the city’s hotel/motel tax levy has been collected so far this year than in FY 2018-19.