Proposed Budget Released, Effective Tax Rate Recommended
The City of Colleyville presented its proposed fiscal year 2020 budget at Tuesday night's council meeting.
The budget proposes 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. If approved, this will be 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 financial strategy is to start at the effective rate and justify any tax revenue needed above that level. Due to operational efficiencies and a conservative financial approach, the City will be able to absorb cost increases and even expand services to its residents with the effective tax rate.
The FY20 budget will fund the addition of a police sergeant and a firefighter position, fund the replacement of aging infrastructure, and will continue the beautification efforts around town.You can review this document online at Colleyville.com.