Page 17 - CityofColleyvilleFY23AdoptedBudget

$552,770 $0.306807 $1,695.94
2020
$562,115 $0.304365 $1,710.88
2021
$584,915 $0.291778 $1,706.65
2022

$650,119 $0.265618 $1,726.83

2023

Sales Tax
The second major nancial 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. In the last three scal years, the City has set sales tax records with a total of 26% growth, or
more than $2.7 million. At some point, staff anticipates this strong growth to retract back to more typical patters, with
single-digit gains annually. The FY23 sales tax expectations were built off of the FY22 mid-year projection, which was
relatively conservative. However, FY22 ended at $10.286 million, which is a 9% gain over FY21, meaning our actual
collections for that year exceed our FY23 budget. Colleyville would have to see sales tax decrease by about 7% in order
to not meet the FY23 budget.

Licenses and Permits
The City has conservatively budgeted license and permit revenue for scal year 2022, acknowledging the early stages
of new residential development trends in Colleyville. Large subdivisions are reaching conclusion and smaller in ll
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 expectations are to see steady decreases in subsequent years. The scal year 2023
budget for license and permit revenue shows a small decrease from FY22. This category makes up 3.3% of general fund
revenues.

Intergovernmental Revenue

City of Colleyville | Budget Book 2023 Page 17