City staff presented the fiscal year 2023-24 tax rate and budget to Colleyville City Council on Sept. 6. The proposed tax rate, $0.250991 per $100 valuation, is higher than the no-new-revenue rate but lower than the FY 2022-23 adopted rate of $0.265618.
The maintenance and operations portion of the rate, used for general spending, would be $0.251399. The interest and sinking portion, used to pay off city debt, would be $0.009593.
The gist
City officials use the adopted tax rate to calculate the FY 2023-24 budget, totaling $55.5 million across all city funds.
Considerations within the budget focused on the city parks department. These include continuing the SH 26 beautification project, improvements at Kimzey and Woodbriar Parks, the Heroes Park redesign, road maintenance projects, and opening the new recreation center at Glade and Roberts roads. The budget also includes funding for 14 new positions, including staff members for the recreation center and maintenance crews for the beatification project.
Quote of note
“All of our funds are balanced and healthy,” Director of Finance Kyle Lester said. “We believe this is going to set the city for its financial plan for the next five-plus years.”
What’s next
Council will hold a public hearing and officially adopt the tax rate and budget during the Sept. 19 meeting.
