The City Council on Tuesday adopted a tax rate below the No New Revenue Tax Rate (NNRTR), setting an example of conservative fiscal management in North Texas. This makes the third consecutive year of a tax rate at or below the NNRTR.

“We created a policy to set a no new revenue tax rate each year, if at all possible. This can be achieved through conservative fiscal management which our City Council prides itself on and takes very seriously. Our policy is not to raise property tax revenue over the previous year’s revenue unless a need is identified, vetted and fully justified. We have achieved the no new revenue tax rate for the last two fiscal years. For next fiscal year, not only did we achieve that goal, we exceeded it by adopting a tax rate lower than the no new revenue tax rate. This is a real accomplishment and I am proud of our staff and City Council,” said Mayor Richard Newton. The FY21 approved NNRTR means that, on average, residents should not see an increase in their city property tax bill.

Also on Tuesday, the City Council approved the FY21 budget, which is balanced and ensures staff has the resources it needs to provide exceptional service to residents. Half of the general fund budget is dedicated to police and fire. “The fiscal year 2021 budget represents our commitment to invest in public safety, infrastructure, beautification, economic development, and our employees. In Colleyville, we do everything with excellence, and this budget provides the resources necessary to ensure we exceed resident’s expectations while also fully funding all of our services, most notably the police and fire departments,” said Newton.

Both Police Chief Michael Miller and Fire Chief Mark Cantrell commented that, “our City Council has provided everything that our departments need – we ask for something and they deliver.”

In addition to supporting these departments, money has been budgeted for community beautification, park upgrades, sidewalks and trails, events, public works projects such as drainage and storm water management, and technology to ensure efficient service delivery.

Historically, Colleyville has held the second lowest tax rate in the region and expects to remain at this level as cities adopt new tax rates. In addition, Colleyville provides a $65,000 property tax exemption and a property value freeze for its senior community over the age of 65.