What happened
Along with approving the budget, council adopted the tax rate, which will be effectively raised by 3.33%, according to city documents.
At $0.276204 per $100 valuation, the Colleyville rate is above the no-new-revenue rate but below the voter-approval rate, Finance Director Matt Poston said. That is an increase of $0.015213 per $100, or 5.83%.
Poston said on a house with a $700,000 value, Colleyville taxpayers will actually pay $29 less in 2024 compared to 2023. However, commercial properties will pay $152 more in 2024 on a property valued at $1 million, Poston said.
Poston added that the tax bill is split and paid to five different entities. He said the city of Colleyville makes up about 15% of the overall bill.
Poston stated the budget is built on a $1 million increase in property tax, which equates to an approximate 7% increase. That budget also factored in a new 7% homestead exemption approved for the first time.
The general fund budget is $27 million, followed by Utility Fund at $23.9 million and Capital Improvement Projects at $22.4 million.
Parks and recreation include $7 million for the Heroes Park renovation and construction. That is the largest single item among the nine different funds.
Other projects that are $1 million or more include:
- City Park playground/splash pad
- Cheek-Sparger Road design
- Roberts Road construction
- General street maintenance
- Bransford Road Trail from Field Street to Cotton Belt Trail
- Montclair Drive sidewalk construction
- Woodbriar and Quail Crest subdivisions water/wastewater construction
- Tinker Road water/drainage/road reconstruction
- Pecan Park Estates water project
