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<br />The revenues for the new fiscal year are projected at $21,266,180, which is $2,246,069, or 11.81%, greater
<br />than they were in the current year. The revenues for the new fiscal year are shown below:
<br />Original Projection Projection
<br />Category 1997-98 1998-99 Variance Percent
<br />General Property Taxes 7,051,618 7,258,125 206,507 2.93%
<br />Franchise Taxes 1,291,761 1,395,000 103,239 7.99%
<br />Sales Taxes 1,450,000 1,600,000 150,000 10.34%
<br />Industrial Payments 5,077,500 6,460,000 1,382,500 27.23%
<br />Other Taxes 47,000 49,000 2,000 4.26%
<br />License & Permits 227,825 222,775 -5,050 -2.22%
<br />Fines & Forfeits 592,757 673,900 81,143 13.69%
<br />Charges for Services 2,082,950 2,319,120 236,170 11.34%
<br />Parks & Recreation 193,500 206,000 12,500 6.46%
<br />Recreation & Fitness Center 227,000 252,000 25,000 11.01 %
<br />Intergovernmental 163,000 161,060 -1,940 -1.19%
<br />Miscellaneous 25,200 20,200 -5,000 -19.84%
<br />Operating Transfers 40,000 40,000 0 0.00%
<br />Interest 550.000 609.000 59,000 10.73%
<br />Total 19,020,111 21.266,180 2,246,069 11.81%
<br />
<br />The increase in General Property Taxes is driven by increased overall appraised values of properties located
<br />in the City, as reported by the Harris County Appraisal District as well as the increase in new homes and
<br />commercial properties in the City.
<br />
<br />Sales Taxes are projected to be higher that the current year's budget due to an increase in the number of
<br />commercial establishments and accelerated growth.
<br />
<br />Industrial Payments, driven by the value of industrial companies located in the City's two Industrial Districts,
<br />are projected to be up by 27.23%. This increase is directly attributable to new construction, upgrades and
<br />expansions. Industrial Payments are normally distributed among four funds with 85% going to the General
<br />Fund, 10% going to the Capital Improvement Fund, 2.5% going to the Debt Service Fund and a final 2.5%
<br />going to the Economic Development Fund.
<br />
<br />Fines & Forfeits are expected to keep their upward growth pattern. In addition to the activity seen in fiscal
<br />year 1997-98, the TXDOT enforcement section should continue to have a significant impact on this revenue
<br />stream.
<br />
<br />Increases in the Franchise Taxes and Charges for Services category are directly attributed to estimated
<br />population growth based on new homes and commercial properties.
<br />
<br />Interest Income is projected to increase by 10.73% which is directly attributed to increased cash flows.
<br />
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