Lewisville FY 2023-24 budget focuses on existing infrastructure, city staff compensation

Lewisville City Council approved the fiscal year 2023-24 budget Sept. 11 and adopted the 2023-24 tax rate Sept. 18.

What you need to know

The new tax rate of $0.419079 is a $0.024222 decrease from last year’s rate, according to the agenda item. The rate is the city’s lowest in 30 years, city officials said. The maintenance and operations portion of the rate is $0.296759, while $0.122320 will fund interest and sinking.

By the numbers

• The $64 million public safety budget comprises nearly half of the $129 million general fund.
• 54% of new spending in the budget will be used for city infrastructure and facilities.
• 18% of new spending will fund employee recruitment, development and retention.

Council also approved a 4.3% increase to the water and sewer rates and a $1 stormwater rate increase for residential properties, according to the agenda item. Castle Hills residents will not see an increase in their water and sewer rates since customers in the area have a different rate structure, according to city officials.