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City Council adopts Fiscal Year 2018 tax rate, water and wastewater base rates, budget

Wednesday, September 20 2017 4:46 PM

City Council approved the Fiscal Year 2018 tax rate, new water and wastewater base rates, and budget during the Sept. 19, 2017 council meeting.

The adopted tax rate of $.333834 per $100 valuation lowers the tax rate by $.00530 compared to the previous tax rate of $.33913. The Tarrant Appraisal District has calculated that the average residential value for FY 2017 was $460,461, and the average residential value for FY 2018 is $500,748. The new tax rate equates to an average annual property tax payment to the City of $1,671. If the previous tax rate were maintained, the average annual payment would have been $1,698.

“We set the tax rate to run the city effectively and not take any more than is needed to accomplish that,” Mayor Richard Newton said. “That’s our commitment and I think we’re doing that and reducing the burden on homeowners.”

The Council adopts a water and wastewater base rates that recovers the revenue needed for operations. For FY 2018 the City Council was able to lower the water and wastewater base rates and use the incremental difference in base rates to establish a new, separate CIP base rate to fund utility capital projects. Customers will notice the new CIP base rate on their water bills but the base rate total remains the same. New residents will see a volume charge based on 9,000 gallons compared to the 7,000 used in the past after historical data indicates residents, on average, are using 9,000 gallons in the months of December, January, and February, which are the months used to calculate the volume charge for residents.

City Council adopted the $42.7 million FY 2018 budget. The new fiscal year begins Oct. 1. This balanced budget funds the five-year Capital Improvements Plan and fully implements recommendations of the 2017 Compensation and Classification Study to pay employees at market value.

“The council committed to only raising revenue that is necessary to successfully run this city,” Newton said. “The council deemed paying employees at market value was an important thing to do.”

City staff is finalizing the Fiscal Year 2018 budget book, which includes additional charts, graphs, and information. It will be available on Colleyville.com once complete.

View the proposed FY 2018 budget as presented to council

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City of Colleyville | 100 Main Street, Colleyville, Texas 76034 | 817-503-1000 | Contact the city