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The original item was published from 8/12/2020 8:35:00 AM to 9/9/2020 7:31:43 AM.

News Flash

TC News & Information

Posted on: August 5, 2020

[ARCHIVED] The Proposed FY 2021 Budget is Here

Copy of FY 2021 budget (1)

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. 

The FY 21 budget reflects the challenging times we are facing as a community, as a region, as a State and a Country.  As your Town staff we have built a very lean budget that reflects the economy for Trophy Club, and still maintains the high level of service our citizens have enjoyed.  In these times we have developed a budget that is reasonable and responsible and maintains the same tax rate that Trophy Club had last year of $0.446442/$100.  

With the new Senate Bill 2 of capping excess revenue at 3.5%, we have fallen below that level and have recommended a consistent maintenance and operations tax rate and debt service tax rate that is equal to the previous year.  Further, this budget does not increase the amount of full-time employees, nor does it include a salary increase for employees.  We are maintaining a status quo approach to our budget.

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 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 tax rate remains at $0.446442, of which $0.336442 is the maintenance and operations and $0.11 is for debt service. The General Fund revenue is $11,517,580 and the General Fund expenditures are $11,472,861. The major increase in General Fund revenue is property tax from new construction added to the tax roll. 

The FY 2021 budget highlights include:

Personnel 

  • Fund and facilitate a 5 person "squad concept" with Fire/EMS which allows for the department to make more than one run simultaneously
  • Funding for the Police Department in order to maintain staffing 24 hours a day, 7 days a week 
  • No new personnel and no additional salary increases

Services and Supplies

  • Enhancement of marketing, communications, and information services 

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.  To review the Proposed FY 2021 Budget Detail Report, please CLICK HERE. To view the Proposed FY 21 Budget Presentation as presented to Town Council on August 11, 2020, CLICK HERE.  To view information from section 28.16 of the Texas Tax Code, 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.

                                                           FY 2021 budget Website Cover                      

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