Page 66 - City of Colleyville FY22 Adopted Budget

The 2021 certified value provided by Tarrant
Appraisal District is $6,213,549,734 (a 4.1% AD VALOREM TAXES
increase over the 2020 current valuation). $18
Of that increase, $60,415,888 (or 1%) comes $16
from new construction. The total taxable Millions $14
value includes TIF zone property, which has
$12
a combined taxable value increment of
$10
$439,107,273. The final TIF value is subject
to change, as valuation is still under appeal. $8
The tax rate of $0.291778 is allocated $6
$0.280687 to the General Fund for $4
operations and $0.011091 to the Debt $2
Service Fund to pay for principle and interest $-
on the City’s outstanding General Obligation FY FY FY FY FY FY FY FY FY
bonds. 2014 2015 2016 2017 2018 2019 2020 2021 2022

Franchise fees were estimated based on
historical and industry trends. For FY 2021, FRANCHISE FEES
however, the City significantly reduced the $2.50
estimates for cable t.v. and other utilities’ Millions
fees due to legislation passed by the Texas $2.00
Legislature in the 86 Legislative Session. $1.50
th
This legislation altered the way
telecommunications companies calcuate $1.00
payment owed to cities for use of rights-of-
$0.50
way. Thankfully, this revenue did not take as
much of a hit as was budgeted, but $-
FY FY FY FY FY FY FY FY FY
Colleyville as well as cities across Texas did
2014 2015 2016 2017 2018 2019 2020 2021 2022
see a decline in this revenue stream.

Sales tax for FY 2021 was budgeted to remain SALES TAX
flat with FY 2020, but currently the City is
$5.00
showing a 14% increase with one payment
left to go. It appears that remote sales Millions $4.00
(online shopping) in part led the resurgence $3.00
in revenue. Staff estimates that a portion of
$2.00
this increase is likely non-recurring, led by
$1.00
business reopenings after COVID as well as
massive home repairs stemming from the $-
February winter storm. Therefore, a slight FY FY FY FY FY FY FY FY FY
2014 2015 2016 2017 2018 2019 2020 2021 2022
decrease from FY21 is anticipated.

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