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Adopted 2023-2024 Budget
The Finance Department develops and manages the Town's budgeting system and provides financial information to external users and internal teams. This information is used to monitor the expenditure of taxpayer dollars and public funds and ensure that the Town's financial transactions are conducted following statutory and contractual requirements and Town policies.
The Town Council adopted the fiscal year budget in September along with the tax rate. For questions related to the adopted budget, the Finance Department can be reached at:
Finance Department
Town of Little Elm
100 W. Eldorado Parkway
Little Elm, TX 75068
214-975-0415
FinanceTax@littleelm.org
The Town of Little Elm is in Denton County, which maintains a Property Tax Related Information database. View the Town's Annual Budget and the most recent Comprehensive Annual Financial Report.
| FY 2022 | FY 2023 | FY 2024 Adopted | Amount Changed | % Change | |
| Tax Rate (per $100) | .643948 | .629900 | .5899 | -0.04 | -6.35 |
| Adopted Recurring Budget Amount | $85,704,178.00 | $104,342,889.00 | $109,677,381.00 | $5,334,492.00 | 5.11% |
| Property Tax Rate for Maintenance and Operations (per $100) | 0.524035 | 0.486416 | 0.440095 | -0.046321 | -9.52% |
| Property Tax Revenue Budgeted for Maintenance & Operations | $24,393,411.00 | $30,134,510.00 | $31,530,120.00 | $1,395,610.00 | 4.63% |
| Property Tax Rate for Debt Service (per $100) | 0.119916 | 0.143484 | 0.149805 | -0.006321 | 4.41% |
The Fiscal Year 2023-2024 Adopted Budget is based on Tax Year 2023 expected revenue. The Town of Little Elm contracts with the Denton County Tax Assessor to calculate the Town's tax rates. For Fiscal Year 2023-2024, the Town calculated and used the following rates to produce its budget. Explain how rates were calculated in the Notice of Tax Rate.
| Category | Rate |
|---|---|
2023 No-New-Revenue Rate | $0.547417/$100 |
2023 Maintenance & Operation No-New-Revenue Tax Rate | $0.425213/$100 |
2023 Maintenance & Operation Voter-Approval Tax Rate | $0.440095/$100 |
2023 Debt Service Rate | $0.149805/$100 |
2023 Voter-Approval Rate | $0.590494/$100 |
2023 Adopted Tax Rate | $0.589900/$100 |
The estimated unencumbered fund balances for FY2023 comply with the Town's adopted financial standards and are as follows:
Type of Property Tax Fund Fund Balance
General Fund $39,604,600
Special Revenue Funds $2,569,216
General Debt Service Fund $1,778,852
Governmental Capital Projects Funds $31,926,972
Enterprise Operating Funds $23,980,467
Enterprise Capital Projects Funds $9,094,060
Internal Service Funds $5,336,433
The Town of Little Elm will pay $11,457,436 in debt service during Fiscal 2023-2024. The Town’s Debt Obligations are as follows:
| Description of Debt | Principal or Contract Amount to Be Paid From Property Taxes | Interest to Be Paid From Property Taxes | Other Amounts to Be Paid | Total Payments |
| SERIES 2014 GO-REF $4.5M | 140,000.00 | 33,550.00 | 1,000.00 | 174,550.00 |
| 2012 GO REF BONDS- $6.985M | 170,000.00 | 5,100.00 | 1,000.00 | 176,100.00 |
| G0 REF SERIES 2012A | 200,000.00 | 17,243.00 | 1,000.00 | 218,243.00 |
| CO SERIES 2013-$6M | 295,000.00 | 110,175.00 | 1,000.00 | 406,175.00 |
| CO SERIES 2013-$3M | 150,000.00 | 64,175.00 | 1,000.00 | 215,175.00 |
| 2015 CO $9.66M | 440,000.00 | 197,588.00 | 1,000.00 | 638,588.00 |
| 2016 REF GO-$6.72M | 695,000.00 | 50,869.00 | 1,000.00 | 746,869.00 |
| 2018 CO $15.46M | 510,000.00 | 383,856.00 | 1,000.00 | 894,856.00 |
| 2019 REF GO | 725,00000 | 152,000.00 | 1,000.00 | 858,876.00 |
| 2019 CO $ PRIN | 255,000.00 | 198,425.00 | 1,000.00 | 454,425.00 |
| 2020 GO REF-$5.72M | 540,000.00 | 42,444.00 | 1,000.00 | 583,444.00 |
| 2020 CO-$4.085M | 170,000.00 | 82,650.00 | 1,000.00 | 253,650.00 |
| 2021 CO PRIN-$15M | 490,000.00 | 406,119.00 | 1,000.00 | 897.119.00 |
| 2022 CO $10M | 285,000.00 | 363,775.00 | 1,000.00 | 649,775.00 |
| TIF AGREEMENTS | 0 | 0 | 0 | 944,067.00 |
| 11,457,436.00 |
The anticipated collection rate for Fiscal Year 2023-2024 is 100 percent, and the amount for debt service to be collected by taxes for the Fiscal Year has been decreased by $1,093,487 because of excess debt collection from July 1 through June 30 of the previous year.