Colleyville: City’s FY20 Budget Adopted, Second Year of Effective Tax Rate
On Tuesday, September 17, Colleyville City Council adopted the fiscal year 2020 budget.
The FY20 Budget will lower the property tax rate to keep residents’ tax bills from going up despite rising property values. The budget will go into effect at the start of the next fiscal year on October 1, 2019.
The budget includes the adoption of the effective tax rate of $0.306807 per $100 of valuation, a $0.013993 reduction from the current $0.3208 tax rate. This is now the second year in a row Colleyville has adopted the effective rate. The effective tax rate is the rate needed to provide the same amount of tax revenue as the preceding year, excluding new growth.
The City’s strategy is to only take in the revenue necessary to provide programs and services, rather than accept the maximum possible revenue and then decide how to spend it. This effort continues with the fiscal year 2020 budget. By only collecting what is needed, Colleyville has saved residents about $2 million in property taxes.
The FY20 budget will fund the addition of a police sergeant and three firefighter positions, fund the replacement of aging infrastructure, and will continue the beautification efforts around town.
You can review this document online at Colleyville.com.