Coppell City Council voted to approve its $143.8 million budget for fiscal year 2023-24, which includes a difference between revenues of $8.2 million. Revenues are estimated at $135.6 million for the upcoming fiscal year.
Council members also voted to approve a tax rate of $0.491818 per $100 valuation during the Aug. 22 meeting.
The specifics
Director of Strategic Financial Engagement Kim Tiehen said the nearly $8.2 million difference was planned for based on a few factors. Around $6.3 million will be allocated through the general fund balance to address inflationary pressures that are affecting the replacement costs for city vehicles and equipment.
Expenditures included in the budget also account for a salary increase of 3.5% for all public safety and general city employees. About a $1.8 million difference in the water and sewer fund is because of static water and sewer rates coupled with increased costs from the city's utility providers, Tiehen said. A consultant will provide results of a rate study later this year.
The tax rate includes a maintenance and operations—used for general spending—component of $0.421666 and an interest and sinking—used for paying principal and interest on debt—component of $0.070152. Tiehen said the tax bill for a resident with a homestead exemption and an average home value will see a $68.13 increase next year.
Quote of note
“[Council] provided guidance that resulted in a budget that continues to provide exceptional service to our community and includes items that support the community-driven 2040 plan,” Tiehen said.
One more thing
The city’s upcoming fiscal year will begin Oct. 1 and end Sept. 30, 2024. The full budget is available through the city’s website.
