Hollywood Park adopts fiscal year 2024-25 budget and tax rate

The Hollywood Park City Council unanimously adopted the 2024-25 fiscal year budget and tax rates at its Sept. 17 meeting.

Review

The budget for fiscal year 2024-25 is approximately $13.033 million, up from $7.335 million in fiscal year 2023-24. The general fund budget increased by $3.175 million, for an estimated total general fund of $9.151 million. The property tax rate will remain at the previous level of $0.4617 per $100 of valuation.

The city of Hollywood Park will raise an additional 5.27%, or $182,360, in total property taxes. According to city documents, $9,269 of that additional tax will come from new properties added to the tax rolls.

Hollywood Park City Treasurer Fred Timmons said a series of cost-saving measures have been identified during a series of budget sessions. They include re-evaluating the pay structure for part-time public safety employees and implementing a program of step-ups and promotions in public safety departments. Timmons also re-evaluated the budgeted interest income and increased it from $200,000 to $260,000.

Timmons said the budget for fiscal year 2024-25 provides the city with a $16,000 surplus.

Before adopting the budget, Hollywood Park Council Member Glenna Pearce thanked city officials and emphasized that the budget took into account residents’ concerns.

Pearce said the budget process was very transparent and the council tried to listen to residents when setting the budget, especially on the issue of tax increases.

Pearce also praised city officials for not including pay raises for department heads.

“I’m very grateful that the budget did not include any salary increases for department managers, because last year’s budget saw more than $75,000 in salary increases,” Pearce said.

Numbers

According to city documents, personnel costs account for an average of 85% of the department’s expenses.

What else?

Before voting to approve the 2024-25 fiscal year budget, Hollywood Park Mayor Chester Drash cited the city’s need to find additional revenue sources.

Drash said the city will look for ways to generate additional revenue in the upcoming budget for the 2025-2026 fiscal year.