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Posted on: August 29, 2019

The Proposed FY 2020 Budget is Here

Annual Budget Report SM and NF

Trophy Club is an alive and vibrant community that is centered around family which is echoed throughout the community starting at the top with Trophy Clubs' elected officials and Town staff who work hard for the residents every day to make Trophy Club a “Great Place to Call Home”.  This work would not be successful unless staff had a strong foundation from which to make daily decisions.  

TOWN CORE VALUES

This foundation is summed up in the Town's five core values:

  • Stewardship
  • Service
  • Teamwork
  • Accountability
  • Leadership

From these core values elected officials and staff weigh their decisions to ensure that they do not betray the trust, they have been given.  "I am proud, as I am sure you are, of this team not only for what we have been able to accomplish but the manner in which we have accomplished it," stated Interim Town Manager Wade Carroll.

This budget is presented to the Town Council and residents in accordance with State of Texas Local Government Code and the Town Charter. It was prepared utilizing advanced planning methods, Generally Accepted Accounting Principles, and complying with the adopted Fund Balance Policy.

FY 2020 FISCAL GOALS

The budget goals for Fiscal Year 2020 are:

  • Provide property tax relief through Trophy Club’s first-ever homestead exemption
  • Present a budget where expenditures do not exceed revenues excluding capital equipment replacement while maintaining current service levels.
  • Maintain $0.11/$100 valuation Interest & Sinking (I&S) rate

The proposed budget includes total revenues of $11,281,478 and expenditures of $11,157,303. Transfers into the general fund from other funds are $91,500 and transfers out to the Capital Replacement Fund are $542,639. The General Fund Balance is anticipated to decrease by $326,964 bringing the anticipated, uncommitted General Fund Balance to $4,787,877 which is 41.5% of FY2020 expenditures.

The FY 2020 budget highlights include:

Personnel 

  • A 3% merit-based salary and associated benefits increase

Services and Supplies

  • Increases in Information Services non-capital equipment and auxiliary services (Microsoft licenses, internet connectivity)
  • Compensation and Classification Study
  • Increases in utility costs

Equipment Replacement & Capital 

  • EMS Lifepac
  • 2 fleet vehicles
  • 5 mowers
  • Resurface Competition  and Kiddie Pool

FUTURE CHALLENGES AND OPPORTUNITIES

With regard to the long and short term, the most significant challenge Trophy Club faces is its heavy reliance on property tax revenue. In the FY 2020 budget, 61.1% of the General Fund revenue for the Town was generated through property tax revenue which is very susceptible to economic changes.  Currently, Trophy Club is enjoying an increase in property values which has allowed staff to present a budget with very little strain on the General Fund, fund balance.  The Town is only a few years away from build-out, which has already decreased permitting revenue and has pushed the Town into an even deeper reliance on property tax revenue. 

Town Council and staff are putting a high priority on developing other revenue streams such as increasing the sales tax.  The Town has been working to recruit and develop new opportunities for destination restaurants such as HG Sply which recently opened.  Staff is also working hard to fill the PD-30 commercial spaces with quality service/retail businesses that are attractive to TC residents and neighbors. 

SUMMARY & CONCLUSION

The Town of Trophy Club is in good economic standing and is planning on having another prosperous fiscal year. This year’s FY 2020 budget represents a collective effort by the Town Council and the Town staff to meet challenges facing the community, maintain the current service levels while providing property tax relief to Trophy Club citizens. The proposed budget is very lean and is below the effective tax rate while meeting the goals and objectives outlined in the Town’s strategy map.  In FY 2020 Town staff endeavors to maintain its policy of continual process and service improvements while being fiscally responsible.   "I appreciate the opportunity to be a part of and lead this organization that provides the community with exceptional services, strong public safety, and an excellent quality of life" noted Carroll.

To review the Proposed FY 2020 Budget, please CLICK HERE.  If you have questions about the budget or want to know more about the Trophy Club Finance Department, contact 682.237.2900.

                                                           Budget Doc                      

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