BY COMMUNITY IMPACT STAFF
METRO adopts $1.6B 2023-24 budget The Metropolitan Transit Authority of Harris County will operate fiscal year 2023-24 with a $1.6 billion budget after board members unan- imously adopted the amount during a Sept. 28 meeting. Chief Financial Officer George Fotinos said at the meeting that METRO does not plan to issue any debt, specifically bonds, in 2024. The details The budget is a 7.2% drop in expenditures, or $126 million less, compared to last year’s approved budget. Last year’s budget was the largest dollar amount approved in the agency’s history, totaling $1.76 billion. A $5.5 million investment in the 2023-24 budget will go toward launching a new 24-hour service bike share program that METRO is projected to launch in summer 2024.
Katy City Council passes tax rate
METRO expenses The Metropolitan Transit Authority of Harris County will operate FY 2023-24 with a 7.2% drop, or $126 million less, compared to last year’s approved budget. Operating budget: $915M Capital budget: $420.86M General Mobility Program budget: $198.94M Debt service budget: $101.91M
Katy City Council convened in a regular session Sept. 25, unanimously voting to approve the upcoming fiscal year’s budget and tax rate. The new property tax rate is a decrease of one penny from the previous year, but an increase in tax revenue by $3.7 million. The details City Council approved two tax rates to support the FY 2023-24 budget: • A debt service tax rate of $0.067024 per $100 of assessed property valuation • A maintenance and operation tax rate of $0.362976 per $100 of assessed property valuation • A total combined property tax rate of $0.43
$1.6B
SOURCE: METROPOLITAN TRANSIT AUTHORITY OF HARRIS COUNTY/COMMUNITY IMPACT
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