Page 9 - CityofColleyvilleFY25AdoptedBudget

Transmittal Letter

Of{ce of the City Manager

September 17, 2024

Honorable Mayor Bobby Lindamood and Members of Colleyville City Council
100 Main Street
Colleyville, TX 76034

Dear Mayor Lindamood and Members of the City Council:

Transmitted herewith is the City of Colleyville Annual Budget for Fiscal Year 2024/2025 (FY 25). The budget is
balanced in accordance with the Colleyville City Charter and laws of the State of Texas.

The proposed Budget totals approximately $83.0 million, with $59.1 million approved for operation and
maintenance functions, $22.4 million in capital, and $1.5 million for required debt service payments. The
annual budget is the most important policy document for consideration by the Council.

The FY 25 budget is a testament to our commitment to six core priorities: scal responsibility, public safety,
quality of service, infrastructure maintenance and beauti cation, recreation and open space enhancements,
and economic development. These priorities, along with the Strategic Plan reaf rmed annually by the City
Council, have guided the development of the FY 25 Budget.

This year, we are proud to announce the implementation of a 7% general residential homestead exemption
as our most noteworthy achievement. The implementation of this exemption has long been a priority for
both City Council and staff. It was designed to provide targeted relief for homeowners by reducing their
property tax burden and shifting it to commercial and non-homestead properties. This exemption plays a
key role in balancing growth with scal responsibility while maintaining the high level of services our
residents expect.

Throughout this budget cycle, we faced numerous challenges, including rising costs due to in ation,
lingering supply chain issues, and the rising cost of infrastructure development and maintenance. In
addition, substantial public safety equipment purchases, such as the acquisition of a new retruck, were
essential investments for the City's future. Despite these obstacles, the City has maintained scal stability
and presents a balanced budget for your consideration.

Consolidated Budget
The FY 25 Budget totals $83.0 million, representing a 4.7% increase or $3.8 million over the FY 24 Budget of
$79.3 million. This budget was achieved by carefully prioritizing capital projects, implementing modest rate
increases, and ensuring long-term scal stability while maintaining necessary levels of service.

The areas of speci c increase/decrease in the Budget are:

Budget Categor y FY 2024 FY 2025 % Change
General Fund $ 26,189,056 $ 27,858,385 6.4%
Operating
Utility Fund 23,586,853 23,908,883 1.4%
Operating

Debt Service 1,235,460 1,540,894 24.7%

City of Colleyville | Budget Book 2025 Page 9