Southlake Triples Homestead Exemption Offering Homeowner Tax Relief, Maintains Balanced Budget
The proposed FY 2015 budget offers homeowners a 10% homestead exemption which will cut approximately $52,000 in taxable value from the average homeowner’s tax bill. The structurally balanced budget supports continued investments into improved mobility and maintains limited expenditure growth.
“In FY 2015, the City will not be incurring any additional General Fund debt,” said City Manager Shana Yelverton. “The City will pay for many high-impact capital projects with cash, while effectively reducing the property tax rate with the homestead exemption.”
Yelverton noted that advancing the City’s master plan, Southlake 2030, is also achieved in the proposed budget. As the Phase 1 construction of the Community Recreation Center (CRC) gets underway, the City will set aside funds for phase II.
“Southlake voters will determine if the CRC’s second phase will move forward,” said Yelverton. “If they approve it, two million dollars from the FY 2015 Capital Budget will be reserved to help with the Phase 2 construction costs.”
Another significant project is the City’s investment into the Phase II improvements of Davis/Randol Mill Road (FM 1938). In FY 2015, the City will set aside $500,000 for continued enhancements bringing the project total to $3.465 million. When completed the road will be four lanes wide with raised medians for improved driver’s safety. The road will also contain Share The Road bicycle signs as a visual reminder for motorists.
Yelverton noted there are seven proposed capital improvement projects which are focused on increased mobility. The projects range from the North White Chapel widening project to improving access for drivers at Southlake Market place located at the intersection of Davis and Southlake Boulevard (FM 1709).
“We have heard through the Citizens Satisfaction Surveys, emails, social media, public meetings and every day conversation how important it is to improve mobility, maintain service levels and manage the tax rate,” said Yelverton. “This budget is designed to support those priorities and advance the Council-approved short-term, mid-term and long-term goals.”
The Council will conduct its first budget work session on August 19th starting at 5:30 p.m. First reading is scheduled to take place on September 2nd with second reading and the public hearing scheduled to take place September 16th. The City of Southlake proposed FY 2015 budget is available online at www.CityofSouthlake.com/FY2015. A hard copy is available for review at the City Secretary’s office or at the Southlake Library.