The total general fund revenues are estimated to be $65.26 million, while the total general fund expenditures are estimated to be $76.92 million, according to the agenda item. The total expenditures are approximately $132.63 million. The budget also includes funds for special revenue, the water sewer, internal service and debt service.
Council Member Kevin Nevels commended city staff’s efforts to minimize the influences of inflation in creating the budget.
“This has been a long process; it’s been a long year building this budget,” he said during the meeting. “With everything we’re facing in the world right now, I feel like the team has done an amazing job. Congratulations to the city for putting together what I think is an outstanding budget.”
Council also approved adoption of the ad valorem tax rate during the meeting.
The approved ad valorem tax rate of $0.518731 per $100 of assessed valuation is less than the no-new-revenue rate of $0.519193 and the voter-approval rate of $0.518735, according to the agenda item.
The property tax rate is divided into two parts; $0.441836 will be used for operations, while the remaining $0.076895 is the interest and sinking, or debt service, rate. The tax rate is $0.061269 lower than last year’s property tax rate, according to the agenda item.
“It is gonna be an average savings to our average homeowner. It is the lowest tax rate the city has had since at least 1986,” Coppell Mayor Wes Mays said during the meeting. “This has been a tremendous year of overcoming some obstacles.”
