What you need to know
Council approved a property tax rate of $0.311931 per $100 valuation, which is an over 3-cent increase from last fiscal year's rate of $0.276204 per $100 valuation, per city documents.
Council also approved a raise to the homestead exemption at the June 3 meeting, which would result in a projected 2% decrease to the average homeowners property tax bill with the approved tax rate, Smith said.
Property taxes make up 60.7% of general fund revenue, according to city documents.
More details
Residents will see an increase to their water and wastewater bill starting Oct. 1, Finance Director Cassie Smith said.
The water rate for FY 2025-26 is $18.24 for 1-inch meters, which is a $0.60 increase from last fiscal year. The wastewater rate is $15.49 for FY 2025-26, which is a $1.07 increase from last fiscal year, according to city documents.
The residential base bill for utility rates is $39.56 for 1-inch meters of water and wastewater, and a nonresidential base bill is $45.56 for 1-inch meter of water and wastewater, Smith said.
Breaking down the budget
Council unanimously adopted a $68.6 million budget for fiscal year 2025-26 at the meeting.
The $ 31.3 million general fund is the largest portion of the budget, Smith said. The biggest budget items in the general fund includes $6.8 million for police-related costs and $8.3 million for fire department operations, per city documents.
The FY 2025-26 budget also dedicated $33.06 million for capital improvement projects including:
- $4.65 million for redeveloping the west side of the Colleyville recreation center and adding a playground and splash pad
- $100,000 for library equipment such as sewing machines, engravers and 3D printers
- $3.5 million for Heroes Park construction
- $500,000 for sidewalk connectivity and trails
- $2.5 million for Cheek-Sparger design costs
- $640,000 for Heritage turn-lane construction
- $1.2 million for street maintenance
