City Council approves budget, tax rate reduction for FY22-23
On Tuesday, Sept. 6, The Colony City Council approved the city's 2022-23 FY budget and tax rate, which includes a 1/2-cent reduction to the property tax rate.
The decision reduces the rate from $0.65 cents per $100 valuation to $0.645 cents, making this the 18th consecutive year of tax reductions and the 21st straight year the Council has either reduced the rate or kept it flat. Those decisions have resulted in a cumulative savings of $3,221 per homeowner over that timeframe, based on the average value of a home ($369,000) in the city.
The budget for FY22-23 also includes funding to expand public safety personnel and increase funding for roadwork, as follows:
- 3 School Resource Officers (with partial funding from ISDs);
- 2 Grandscape Police Officers;
- 2 TCPD Detectives; and,
- $13.5 million for streets and alleys (an increase of $4M from FY21-22).
For more information and to view the replays of the City Council meetings, please visit our website or contact The Colony City Secretary's Office.