Carrollton city finance officials this week reported that the city continues to do well financially – however, they add that economic challenges such as rising inflation, supply chain issues, and overall labor shortages are having a financial impact on the fiscal year 24-25 budget.
City Finance Director Kevin Bush presented the coming year’s budget during a public hearing on Monday – and his department predicts a 61.5-million-dollar budget for 24/25 – which is a 5.1 percent increase over the 23/24 budget.
The general fund budget for FY25 is 34-million dollars – a 2.9% increase from the prior year amount of $33-million dollars. The police budget makes up 34-percent of the general budget; fire and recreation/ cultural arts: 22 percent each. General administration is 14-percent; Street/ engineering: 5 percent; and, community development: 4-percent.
This budget includes funding for a cost of living (COLA) allowance of 3%. Additionally, the city is forecasting an increase in group health insurance expense of 8%. And, property and liability insurance expense is forecast to increase by 15%. City council will vote to approve the FY 24-25 budget next month.
