In a nutshell
Southlake City Council viewed a presentation of the proposed fiscal year 2023-24 budget at their Aug. 15 meeting.
The proposed budget features more tax relief, cash-funded capital projects, and more safety and security investments.
The proposed property tax rate of $0.319 per $100 valuation would be the lowest rate since the mid-1980s, according to city officials. The city’s FY 2022-23 tax rate is $0.36.
Tax relief would also come from a homestead exemption that will stay at 20%.
“Council has long been very sensitive to tax relief,” Chief Financial Officer Sharen Jackson said. “The primary focus was residential tax relief early on when we focused on the homestead exemption and now through the current tax rate reductions that we’re doing.”
The $0.319 tax rate is split between the general fund operations and debt service, according to the budget document. The allocation for the upcoming fiscal year is $0.264 for general operations and $0.055 for debt service.
What’s next?
The first reading and hearing for the proposed budget will take place at council’s Sept. 5. meeting. A second reading and public hearing will follow Sept. 19. The new fiscal year will begin Oct. 1.
A breakdown of the proposed budget can be viewed on the city’s website.
