Southlake’s City Manager has filed the FY 2013 budget with a plan that not only outlines a strategy for the next fiscal year, but also provides a vision for the multi-year financial plan, budget structural balance, strategic alignment, tax rate management, and optimal fund balance.
“This budget furthers our commitment to our residents and businesses to use sound fiscal and operational policies that support the City’s strategy,” said City Manager Shana Yelverton. “We recognize that today’s decisions impact tomorrow’s budget, which is why we are proposing some budget adjustments that will sustain the City now and in the future.”
The proposed budget shows modest revenue growth for FY 2013. The FY 2013 budget proposes to put that money to work with enhanced services. “The necessary additions to City infrastructure, such as the DPS North Training Facility, will cause our operational expenses to grow in the coming years,” said Yelverton. “The DPS North Training Facility is part of the reason we are proposing to move a penny of the City’s tax rate of $.462 from Debt Service Fund to the General Fund before the doors open next year. That extra penny will go a long way to support the facility and its operations in the years to come.”
Southlake’s tax rate of $.462 is proposed to remain unchanged. Several years ago, the rate was set as part of a multi-year strategy to help fund investments outlined in Southlake’s comprehensive plans (Southlake 2025 and the in-progress Southlake 2030). “These plans define how we will provide City services through build-out,” said Yelverton. “Working with the Council, and the Boards and Commissions, we have created a strategy that prioritizes the City’s needs. Those needs then become part of the budget planning process.”
The $79.9 million dollar budget includes Capital Improvements Program funding for roadway improvement projects including North Kimball Avenue and FM 1938 as well as sidewalk construction projects. “Traffic congestion and sidewalk construction were highlighted as areas of opportunity for the City in the most recent Citizen Satisfaction Survey,” said Yelverton. “The City intends to responsibly commit capital improvement monies for the foreseeable future to meeting these areas of improvement.”
Along with service enhancements, like the opening of DPS North, the budget also proposes a $15,000 homestead exemption for all homeowners. The exemption along with the unchanged tax rate balances taxpayer relief with budget requirements to continue to develop the City’s infrastructure as defined by the City’s master plans.
For more information about the FY 2013 proposed budget, please visit www.CityofSouthlake.com/FY2013.