Council unanimously approved a $25.3 million budget and a tax rate of $0.2656 per $100 valuation for fiscal year 2022-23 during its Sept. 20 meeting.
“Colleyville is blessed,” Mayor Bobby Lindamood said in the meeting.
In his presentation, Finance Director Kyle Lester said the city is expecting $26.2 million in revenue, the presentation stated. The largest portion of revenue is $15.9 million from ad valorem taxes, or property tax collections. The next largest portion is $4.9 million from sales tax, according to city documents.
Total expenditures are projected to be $25.3 million. Lester said the expected remaining revenue of $930,361 will be moved to the city’s capital improvement fund.
“This fund is healthy, [and] it is balanced,” Lester said in the meeting.
The tax rate of $0.2656 per $100 valuation is broken down between an interest and sinking rate of $0.0095 and a maintenance and operations rate of $0.2560. To offset increasing property values, the city’s tax rate will be a $0.0261 decrease from 2021’s rate of $0.2917 per $100 valuation.
The average residential property value for a Colleyville home in 2023 is $650,119, an increase from 2022’s average of $584,915. Residents' average property tax payment to the city will be $1,726.83, the presentation stated.
Lindamood said the city is committed to being transparent with residents about its finances.
“If we ever have to raise the taxes, [then] we as a council have made a promise to tell the people exactly why we have to raise those taxes and what that money will go [toward],” Lindamood said.
