Page 63 - CityofColleyvilleFY23AdoptedBudget

The adopted budget accomplishes these priorities as well as a few others in the following ways:

Maintains a low tax rate
2022 certi ed values increased 10.2% in total compared to 2021 certi ed values. The scal year 2023 proposed budget
includes a proposed tax rate of $0.265618/$100 of valuation, a $0.02616 reduction from the current $0.291778 tax rate. This
rate, meaning that the City’s
marks the {fth year that Colleyville has adopted the calculated no -new-revenue
property tax rate is adjusted downward as property values increase. This is designed to keep taxpayers’ bills from
increasing on average, with the City instead relying on the tax revenue from new property developments to fund budget
increases.

Average Residential Average

Budget Proper ty
Proper ty Value Proper ty Tax

Year Tax Rate
Payment
$397,889 $0.3559 $1,416.09
2013
$406,040 $0.3559 $1,445.10
2014
$421,497 $0.3559 $1,500.11
2015
$423,650 $0.3559 $1,507.77
2016
$460,461 $0.33913 $1,561.56
2017
$500,748 $0.33383 $1,671.67
2018
$521,831 $0.320800 $1,674.03
2019
$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

Provides a balanced budget
The scal year 2023 proposed budget is a balanced budget, consistent with both the City’s Charter and state law
requirements. Operating expenditures are funded with operating revenues. Operating funds maintain a fund balance
above the 90-day reserve at all times, as required by the City’s nancial policies. The City’s practice is to a maintain fund
balance of at least 100 days, which is accomplished in the proposed budget.

Better aligns speci{c expenditures with restricted funds
As with each year, staff examined the budget line-by-line in an effort to place expenditures in the most appropriate fund.
In past years, this effort led to more ef cient utilization of Hotel Tax dollars and Colleyville Economic Development
Corporation (CEDC) funds, alleviating signi cant expenditure burdens on the General Fund’s property taxes. The
restrictions on the Hotel Tax Fund are that expenditures must be limited to (1) efforts to attract guests to our hotel
industry and (2) seven other speci c stipulations, one of which is to advertise the City to individuals and businesses. Staff
identi ed the following positions as being quali ed for this funding source: the Community Relations Specialist whose
job is to advertise Colleyville, and the Colleyville Center Manager who spends approximately 60% of her time on wedding-
related activities at the City-owned Colleyville Center.

Restrictions on the CEDC Fund expenses include parks and park facilities, our library, our community center, open space
improvements, and other facilities and improvements. From this, staff determined that Colleyville Center’s Sales and
Event Specialist could be reallocated to the CEDC Fund, as well as the remaining 40% of the Colleyville Center Manager’s
salary. Staff further identi ed $260,000 in contractual costs for the mowing of parks properties that could be reallocated
from the General Fund to the CEDC Fund in FY22. The City will continue to reallocate costs to this fund where
appropriate.

City of Colleyville | Budget Book 2023 Page 63