Page 17 - Colleyville FY21 Budget

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.

Colleyville’s property valuations for tax year 2020 (fiscal year 2021) are valued at
$5,966,966,320, and includes $72,877,040 in new construction. This represents an
increase of $127,137,303 (2.2%) over the fiscal year 2020 taxable value. The total
taxable value includes TIF zone property, which has a combined taxable value
increment of $450,961,761 (TIF Zone #1 adopted in 1998- $435,298,848 and TIF
Zone #1A adopted in 2012- $15,662,913). The final TIF value is subject to change,
as valuation is still under appeal. However, this does represent an increase of
$12,190,121 (2.5%) over the current year TIF valuation.

The fiscal year 2021 budget includes a property tax rate of $0.304365 per $100
value. The tax rate is comprised of an operation and maintenance rate of $0.289441,
and an interest and sinking rate of $0.014925. 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
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
2021 $562,115 $0.304365 $1,710.88
Sales Tax
The second major financial consideration guiding development of the budget is sales
tax revenue. The City collects a total two percent sales tax: one percent for General
Fund with the remaining one percent allocated for two half-cent special purpose
districts. Sales tax has been budgeted at a conservative 1.5 percent increase for fiscal
year 2021 compared to fiscal year 2020, and with modest growth projected in future
years.

Licenses and Permits
The City has conservatively budgeted license and permit revenue for fiscal year 2021,
acknowledging the early stages of new residential development trends in Colleyville.
Large subdivisions are reaching conclusion and smaller infill projects are coming into
the City. More and more, the City is seeing remodel and redevelopment in the shape
of tear down, build new. As such, revenue projections have been reduced by $90,000

17