DALLAS — The City of Dallas announced plans for the largest single-year property tax reduction in modern history as part of its 2024-2025 proposed budget.
The nearly $5 billion plan makes up for a projected $38 million budget shortfall driven in part by additional pension obligations.
"We have developed a budget that is focused and mindful of every tax dollar we spend while addressing the needs of our residents and the priorities of the Dallas City Council," Interim City Manager Kimberly Tolbert said in a press release Friday night.
The city's plan devotes an additional $78 million to public safety -- which remains the largest sector in the general fund. It calls for hiring an additional 250 police officers -- which will add approximately 60 to the force after retirements are taken into account.
It also cuts the property tax rate by 3.10 cents -- decreasing from 73.57 cents to 70.47 cents per $100 valuation. It also increases the property tax exemption for seniors and people with a disability from $139,400 to $153,400.
The budget also proposes:
- An increase in the minimum wage for city workers
- Money to contribute to the city's effort to cut unsheltered homelessness by 50% by 2026
- Closing the Skillman Southwestern Library in Northeast Dallas
- New $3 per month environmental cleanup fee for city utility users
- Increased contributions to the city's pension obligations
- Additional money for city infrastructure improvements
City leaders will hold town hall meetings about the budget in the coming weeks before it goes to the City Council for formal approval later this summer.