FY24 City of Irving Budget: Executive Summary
On Sept. 14, Irving City Council adopted the Fiscal Year 2023-24 (FY24) budget based on maintaining a tax rate of $0.5891/$100 valuation.
The city’s fiscal year begins on Oct. 1 and runs through Sept. 30 each year. View the FY24 Adopted Budget at CityofIrving.org/Budget .
All Funds Combined
The FY24 total budget is $998.8 Million, with the majority comprising the General Fund and new and existing capital projects and equipment, including Road to the Future and Drainage Solutions for a Better Tomorrow , as well as funding significant projects from the 2021 Bond Election approved by voters in May 2021.
Tourism Fund ICVB, Arts & Culture
The City of Irving collects a 9% Hotel Occupancy Tax (HOT) on all overnight stays in hotels in the city. The state collects an additional 6% for a total charge of 15% on all overnight stays.
Texas state law specifically defines the allowable uses for HOT revenues, requiring that they must be used to directly enhance and promote tourism and the convention/hotel industry. HOT revenues cannot be used for general purposes, and the city does not support HOT departments with general revenues (property or sales taxes).
The General Fund
The General Fund is the City’s Main Operating Fund Containing the Majority of Revenues, Operating Expenditures and Departmental Budgets
The FY24 General Fund budget, the city’s main operating fund, is $289,456,559. The General Fund includes public safety, engineering, transportation, parks and recreation, libraries, community development and administration services and is funded primarily by property and sales tax collections.
General Fund Revenues
The structurally balanced FY24 budget maintains the city’s service levels while adjusting workforce wages and benefits to be competitive in the municipal market, as well as funding service enhancements, new projects and equipment.
80% of General Fund revenues come from property and sales taxes.
General Fund Expenditures
Service level enhancements include additional personnel, infrastructure repairs, website redesign and heavy equipment purchases.
Salaries and benefits are 72% of general fund expenditures.
Service Enhancements
The FY24 budget adds 15 new full-time positions and one new part-time position in the General Fund, and includes a base budget set aside of $1 million for Medic 8 personnel for FY25.
Sales Tax Allocation
Out of every dollar spent on taxable goods and services in Irving, 8.25% in sales tax is generated and allocated to:
- State of Texas
- Dallas Area Rapid Transit (DART)
- City of Irving.
98% of Sales Tax generated is sent to the State of Texas
Total Property Tax Bill
Based on the average single-family taxable home value of $279,704 with a 20% Homestead Exemption. (The average taxable value is based on the tax rate/$100 valuation.)
Homeowners age 65+ or with proof of disability qualify for a $50,000 exemption off their residence's taxable value.
Irving residents are served by one of three independent school districts: Irving ISD, Carrollton-Farmers Branch (CFB) ISD or Coppell ISD
Future in Focus serves at the city's operational strategic plan framework for all services and works in tandem with the city's five-year capital plans, City Council priorities and annual budget.
FY24 Budget Breakdown
For every dollar residents pay to the city, 23 cents goes directly to Public Safety and Fire Protection.
Budget By the Numbers
The city maintains significant infrastructure across 67.9 square miles and serves over 256,684* residents.
The FY 24 budget funds vital services and programs that impact the quality of life across the city.
*Source: 2020 U.S. Census
Capital Improvement Program
Capital improvements are required to maintain the city's physical infrastructure. The city's FY Capital Improvement Program (CIP) budget appropriates $244.8 million for public safety, street, water, drainage and public facility improvement projects.
For More Information
- Visit CityofIrving.org/Budget for details on the FY24 Budget
- View the FY24 Budget Executive Summary (PDF)
- View the October 2023 edition of Irving City Spectrum
- Read the Popular Annual Financial Report
- Read the Annual Comprehensive Financial Report