Page 15 - FY2020Colleyville

recognized governmental services and/or functions provided by various City
departments – it is a governmental fund type.

Revenues
General Fund revenues in the adopted budget total $24,589,177. Major revenue
considerations include:
• A tax rate decrease from $0.320800 to $0.306807 per $100 of valuation
• No increase in ad valorem revenue due to adoption of an effective tax rate
• Conservatively projected no growth in sales tax revenue

Property Tax
The primary source of income for the City is property taxes, accounting for 59 percent
of total revenue. The biggest budgetary issue in preparing the annual budget is the
setting of the property tax rate. Once the roll is received in late July, the tax rate is
determined by the debt rate needed to pay for the City's bonded indebtedness and
funds needed for maintenance and operation funding in the General Fund.

The Tarrant Appraisal District has certified Colleyville’s property valuations for 2019
at $5,839,829,017, and includes $105,187,540 in new construction. This represents
an increase of $383,465,374 (7%) over the Fiscal Year 2019 taxable valuation of
$5,456,363,643, per the July 25, 2018 certified values. The total taxable value
includes TIF zone property, which has a combined taxable value increment of
$438,771,640 (TIF Zone #1 adopted in 1998- $392,404,701 and TIF Zone #1A
adopted in 2012- $12,024,677). The final TIF value is subject to change, as valuation
is still under appeal. This represents an increase of $34,342,262 (8.5%) over the
current year TIF valuation of $404,429,378.

The fiscal year 2019 budget includes a property tax rate of $0.306807 per $100
value. The tax rate is comprised of an operation and maintenance rate of $0.290428,
and an interest and sinking rate of $0.016379. The latter component provides funding
for retirement of the annual debt obligations. The following table provides historical
information on the City’s tax rate, average residential property value, and average
property tax payment.

Average Average
Budget Residential Property Property Tax
Year Property Value Tax Rate Payment
2011 $397,472 $0.3559 $1,414.60
2012 $396,817 $0.3559 $1,412.28
2013 $397,889 $0.3559 $1,416.09

2014 $406,040 $0.3559 $1,445.10
2015 $421,497 $0.3559 $1,500.11
2016 $423,650 $0.3559 $1,507.77
2017 $460,461 $0.33913 $1,561.56
2018 $500,748 $0.33383 $1,671.67
2019 $521,831 $0.320800 $1,674.03
2020 $552,770 $0.306807 $1,695.94

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