In addition to increasing compensation, Town Manager James Childers and Town Chief Financial Officer John Zagurski said residents could see an increase to the local homestead exemption and public safety spending in the upcoming budget.
The details
As part of the proposed budget, eligible employees would get a market adjustment to their pay, and all employees would get a 3% merit increase.
The 3% merit adjustments would come after the market adjustments, which will depend on how much the neighboring cities increase their pay, said Melissa Demmitt, communications director for the town.
What else?
Officials are also discussing a proposed increase to the homestead exemption from 12.5% to 15%, Childers said. Childers said the exemption for disabled residents and those over age 65 that changed from $100,000 to $150,000 last year would remain.
Sales tax revenue is expected to stay flat in the next fiscal year due to slower consumer spending habits, Zagurski said. He attributed that to inflation that occurred during the COVID-19 pandemic that has affected people’s spending habits changed.
Revenue from property taxes will grow in the next fiscal year, as there should be 1%-2% new growth in appraised property values, Zagurski said. That revenue will go toward funding city operations and paying down debts, which will allow the town to put a bond program for the Community Activity Center expansion and renovation to voters without increasing the total tax rate, he added. Another capital item town officials hope to begin next year is relocating Fire Station No. 6, which will use certificates of obligation and is not part of the bond program.
The town has received the certified values from Denton Central Appraisal District. Values from Tarrant Appraisal District arrived July 27, Demmitt said. Staff is analyzing them now.
“Going into this budget year, if you take a look at our strategic plan, you’ll get a sense of putting our money where our mouth is, so to speak,” Childers said. “There are aspects that are contemplated in our strategic plan that are going to be reflected in this budget process.”
Zooming in
In the FY 2024-25 budget, residents will also see money being spent on public safety, including continuing to pay for school resource officers for Lewisville ISD, obtaining a fourth ambulance and funding six new firefighter/paramedic positions, Demmitt said.
He encouraged people to attend a budget presentation, during a council work session, that will be held at 6 p.m. Aug. 15 at town hall.
