SAN ANTONIO (September 15, 2022) – Today, the San Antonio City Council adopted the Fiscal Year (FY) 2023 Budget. The FY 2023 Adopted Budget, shaped through City Council and community priorities, invests in San Antonio’s ongoing economic recovery by giving funds back to taxpayers through property tax relief and CPS Energy credits. The City will make the greatest investments ever in infrastructure and major city facilities – streets, the Airport, the voter approved Bond Program, the Convention Center and Alamodome.
“I am extremely proud of the City team who provide quality customer service to our residents and am glad to be investing in the recruitment and retention of this team,” said City Manager Erik Walsh. “The budget is balanced and will enhance the services our residents expect, while also giving money back to them through direct property tax relief and energy credits.”
The FY 2023 Budget is $3.4 billion. Included in that amount is the General Fund Budget at $1.5 billion.
The adopted budget includes $95 million in property tax relief and $50 million in credits to CPS Energy ratepayers. The credits would be disbursed in the form of $7.5 million allocated to the Residential Energy Assistance Partnership (REAP) program. Of that, $5.5 million will be used for immediate assistance with eligible customers receiving a credit up to $300, not to exceed their total past due balance. The other $42.5 million will provide direct credits to CPS Energy customers in their November or December bills. Customers may opt out and redirect their credit to REAP to assist low-income customers or weatherization, to include minor repairs.
“This budget sustains a vast array of City services while providing the most fiscal relief for residents in recent history, including a property tax rate reduction and expanded property exemptions for homeowners,” said Mayor Ron Nirenberg.
Property Tax Relief
The adopted budget will provide direct relief to the residents of San Antonio through increased property tax exemptions and a reduction of the City’s property tax rate.
In June, the Mayor and City Council approved additional property tax relief of $22.5 million for a total of $95 million by increasing the City’s Homestead Exemption from 0.1% to 10%, the City’s Over-65 Exemption from $65,000 to $85,000, and the City’s Disabled Person Exemption from $12,500 to $85,000. The City is reducing its property tax rate by 1.67 cents from 55.827 to 54.161 cents per $100 in value.
San Antonio is one of the few Texas cities that offers an over-65 and disabled persons tax freeze and exemption. This is the 30th consecutive year without a tax rate increase.
Employee Retention and Recruitment
The adopted budget invests in …….