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:
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 Town Manager Steve Norwood.
This budget is presented to the Town Council and residents in accordance with the 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 2021 FISCAL GOALS
The budget goals for Fiscal Year 2021 are:
- 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 - No tax rate increase
- Enter into an Interlocal Agreement (ILA) with the Municipal Utility District (MUD) for an exchange on facilities
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 2021 budget highlights include:
- Fund and facilitate a 5 person "squad concept" with Fire/EMS which allows for the department to make more than one run simultaneously
- Increase for additional overtime funding for the Police Department to allow for special event coverage
- Make adjustments necessary for certification pay, retirement and workers comp benefits for employees
Services and Supplies
- Enhancement of marketing, communications, and information services
Equipment Replacement & Capital
- EMS Lifepac
- 2 fleet vehicles
- 5 mowers
- Resurface Competition and Kiddie Pool
FUTURE CHALLENGES AND OPPORTUNITIES
This budget reflects a time of change and an acknowledgment of the past. The major economic and social change is mostly due to COVID-19 pandemic. This virus’s impact on revenues and operations defies anything seen previously. Changes in operations and changes in revenue streams have both been a result of this virus. As we move forward, we are still unsure of the future impacts of this virus.
That uncertainty has led to our acknowledgment of the past. The FY 20 budget has worked through the pandemic and staff felt it would be a solid backbone moving forward in FY 21. As you will see many line items did not change from FY 20 to FY 21 and those that did generally reflect lessons learned during the pandemic.
SUMMARY & CONCLUSION
The Town of Trophy Club is in good economic standing and hopes to continue to be given these uncertain times going into the next fiscal year. This year’s FY 2021 budget represents a collective effort by the Town Council and the Town staff to meet challenges facing the community. Staff sees this budget as the framework to provide better services to the Town while maintaining the tax rate for the citizens. Most of the additional revenue this year comes from new construction added to the tax roll. This additional revenue allows the Town to increase funding for public safety, maintain funding for the parks and recreation and continue providing the same level of service. "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 Norwood.
To review the Proposed FY 2021 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.