Town Council Adopts $16.3 Million FY15 Budget; Lowers Tax Rate

Posted by April Reiling on Sep 26, 2014
Tags: Community, Government, Transparency, Town News

On September 23, the Town Council adopted the Fiscal Year 2014-2015 annual operating budget of $16,279,695, which includes a municipal tax rate of $0.49 per $100 valuation. The adopted FY15 tax rate is nearly 2% lower than the previous year’s rate which equates to an almost one penny tax rate decrease. Strong reserves, solid growth and rising property values helped reduce property taxes for Trophy Club residents.

“While the proposed budget does not fund all budget requests, it meets the Town Council’s goals expressed during the planning process as well as discussed during budget workshops and agenda items,” said Town Manager Mike Slye. “The FY15 Budget preparation requires a comparison of anticipated revenues against proposed programs, services, and priorities that are based on Council priorities, service demands and expectations, or prior project commitments.”

The $0.49 FY15 tax rate includes $0.11 to service debt and $0.38 to fund maintenance and operations. Each revenue source is carefully evaluated during the budget process to ensure adequate levels of funding, and the Town endeavors to diversify its revenue sources to reduce reliance on property taxes.

The $16 million budget contains all major funds, including: 

  • General Fund (property tax, franchise fees, licensing and permits, sales tax, fines and fees)
  • Capital Improvements Program
  • Debt Service Fund
  • Economic Development Corporation 4B Fund
  • Crime Control & Prevention District Fund
  • Street Maintenance Sales Tax Fund
  • Utility Storm Drainage Fund

Major highlights funded in the FY15 budget include:

  • A second Student Resource Officer to continue the partnership with Northwest Independent School District
  • Street and drainage improvements including Indian Creek road rehab project and Meadowbrook Drive (both partially funded by Denton County)
  • Street and drainage improvements to Pin Oak Court
  • Street improvements to Timberline Court
  • Street and drainage improvements to Pebble Beach Drive
  • Land Acquisition for a new joint Town Hall and Police Station
  • Broadway Creek improvements and amenity lake slopes
  • Independence East bleachers
  • Independence East security cameras
  • Cypress Court drainage inlets
  • Construction of eight practice soccer fields at Lakeview Elementary
  • EMS Ambulance replacement
  • Continued public safety digital radio upgrades

View the Fiscal Year 2014-2015 Budget Online