City staff adjusted the proposed budget to account for the loss of potential revenue for capital improvement projects. Day-to-day municipal services will not be impacted with the change. The proposed budget was adjusted in the area of capital improvement projects to account for the loss of potential revenue. These projects will be postponed and re-evaluated at a later date.
Despite the impact of the national recession, Irving’s financial condition has remained strong. The city, though, has not been immune to these economic impacts and has experienced $7 million in revenue losses from property and sales tax collections. The 2009-10 proposed budget is based on the existing property tax rate of 54.06 cents, which is the second lowest among Irving’s benchmark cities. Water rates will be the lowest among Dallas’ 30 member cities.
City staff has saved $12.7 million during the past three years through ongoing process improvements, which reduces the city’s dependency on property taxes. This cost savings has allowed the city to remain balanced in a down economy. Funding has paid for increased operating costs and additional police and code enforcement officers, corridor improvements, and other key focus areas identified by the City Council and residents through public input opportunities.
New revenues provide dedicated funding streams for new initiatives. Irving has been able to issue new bonds for capital projects—currently, 38 are under construction.
