Page 17 - City of Colleyville FY22 Adopted Budget

and below ground. These projects include street rehabilitation and reconstruction,
water line replacements, park improvements including a new restroom facility,
and reinvestment in City facilities such as City Hall, the Colleyville Library, Central
Fire Station, and the Justice Center. The CIP also includes funding for drainage
improvements and sidewalks/trails. Ensuring that these community assets are
well maintained is and will continue to be a high priority. These projects are all
fully-funded with cash that is currently available or with revenues projected to be
received during this time period. No new debt is planned and the City is actively
working to pay off all outstanding debt, which should be accomplished in less than
10 years.

• Furthers beautification efforts throughout the community

The fiscal year 2022 budget also provides funding to further beautification efforts
throughout the community. This includes improvements to pedestrian crosswalks
and roundabouts, as well as landscaping and street lighting. Funding is also
included for design and installation of towers at the City’s northern gateway along
the SH26 corridor. The City recognizes that this corridor is truly Colleyville’s main
street, and the look and feel should be reflective of the exceptional quality found
throughout Colleyville.

The objective in developing the fiscal year 2022 budget was to achieve a balance
between revenues and expenditures, and prioritize operational needs with long-term
community investment strategies. As mentioned previously, efforts are made to
identify other funding sources before committing general fund dollars to a project or
cost, limiting the reliance on the primarily property tax supported general fund. The
general fund accounts for the resources and expenditures related to the generally
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 $25,559,689. Major revenue
considerations include:
• A tax rate decrease from $0. 304365 to $0.291778per $100 of valuation
• Small increase in property tax revenue due to new property developments only
• Conservatively projected growth in sales tax revenue
• Lower budget for building permits due to the City approaching residential build-
out
• Lower budget for franchise fees due to the passing of House Bill 3535 by the
Texas Legislature during the 84 session.
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Property Tax
The primary source of income for the City is property taxes, accounting for 61 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.

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