08/14/2024 | Press release | Distributed by Public on 08/14/2024 17:41
The Austin City Council has adopted a $5.9 billion community-focused budget for the Fiscal Year 2024-2025.
The Austin City Council has adopted a $5.9 billion budget for Fiscal Year 2024-2025 that supports community-focused investments.
Council's adopted budget incorporates the Austin City Manager's proposed budget presented last month, while adding a number of investments and directions to address homelessness, public safety, parks maintenance and sustainability.
"Austin's 2024-2025 budget is a strategic blueprint that balances the city's immediate needs with long-term vision, prioritizing investments that reflect the values and aspirations of our community," Austin City Manager T.C. Broadnax said. "By focusing on sustainability, equity and resilience, we are committed to ensuring that Austin remains a livable and welcoming city for all."
The General Fund budget is $1.4 billion and the Capital Budget includes $2.2 billion in planned spending.
Budget Highlights
The following investments were originally proposed by the City Manager and are now included in the adopted FY 2024-25 budget:
Council Amendments
Council members also approved several amendments and directives as part of the adopted FY 2024-25 budget, including increased investments to support:
Impact on Taxpayers
The adopted property tax rate is 47.76 cents per $100 of taxable value. The typical Austin homeowner will see an increase of $15.67 per month, or $188.02 per year, in the City's portion of their annual property tax bill.
The City's rates and fees, including for electricity, trash service, water, drainage, and the transportation user fee, will rise in response to escalating operations costs, as well as increasing service demands from a growing population. The increase for the typical Austin tax-and ratepayer is $30.16 per month, or $361.92 per year.
Council's approval today of City tax and spending plans for the fiscal year beginning October 1, 2024, comes after several months of stakeholder engagement - including district community meetings, public hearings on the budget, and a public survey.
The approved budget document is scheduled to be published by October 1, 2024.