Page 11 - Trophy Club ORD 2023-15 Adoption FY23-24

manager's message cont..

Dear Honorable Mayor, Members of Town Council, and Citizens of Trophy Club,

Our prudent financial management has positioned the Town with a robust economic

outlook, projecting an unassigned reserved fund balance of $6.9 Million, equating to
49% of our annual operating expenses. While the Town Charter mandates a minimum
reserve fund balance of 30%, we have identified opportunities to invest in the
community through one-time purchases such as Town Hall entrance shade

structures, payment kiosks for the court and Trophy Club Park, and updated
concession facilities. With these investments, we anticipate a new reserve fund
balance of $5.1 million, aligning us closer to the Town Charter requirements. This
strategy will continue over the next years to ensure our financial resilience.

Our Property Tax rates have remained favorable, with the Interest and Sinking Rate
at $0.099799 and a reduced Maintenance and Operations Rate of $0.315670, yielding a
total property tax rate of $0.415469/$100 valuation. While economic challenges

persist due to inflation and interest rate fluctuations, our AA+ bond rating positions
us well for future capital projects that enhance and replace Town infrastructure.

I extend my gratitude to the Town Council, dedicated staff, and engaged citizens for

their unwavering commitment to shaping a prosperous future for Trophy Club. This
budget stands as a testament to our collective efforts and shared vision. I am
confident that its implementation will reinforce our position as a community that
thrives while nurturing the well-being of its residents.

Sincerely,

Patrick Arata

Patrick Arata
Interim Town Manager
Trophy Club Texas

FY24 Adopted Budget 4