Saturday, October 24, 2020

City unveils proposed FY 2016 budget

2 Seven Fun Facts Budget FY 2016For FY 2016, the City of Southlake is proposing a $87 million dollar budget, with an increase in proposed expenses of only .3% over the FY 2015 adopted budget.  It is focused on the City’s goals of providing homeowner tax relief, reducing debt, and following the City Council established multi-year financial plan.

For the fifth time, since 2009, Southlake is offering homeowner tax relief. For FY 2016, a 12% homestead exemption. It was approved by the Council at the August 4, 2015 City Council meeting.

“The budget is strategically aligned with the City’s comprehensive plan, Southlake 2030,” said City Manager Shana Yelverton. “The proposed budget contains more than $17 million dollars worth of cash-funded capital needs. She adds, “This represents our commitment to reduce the amount of City debt.”

Those capital projects include water, sewer, storm water and city facility investments. Projects have been identified within the Southlake 2030 comprehensive plan.

The proposed budget also provides for the opening of The Marq Southlake Phase 1 which includes the new Senior Activity Center, the Aria Amphitheater, and community meeting space. The Marq Southlake Phase 2 design starts in September 2015 with construction starting in 2016 and a grand opening in 2018.

Yelverton also notes there is a sharp focus on the reducing traffic congestion. Proposed projects include deceleration lanes at Byron Nelson and Southridge Lakes, widening the lanes at Kirkwood Boulevard and continued street rehabilitation projects in partnership with Tarrant County.  A tower entry feature at Town Square and SH 114 is included as a part of the City’s proposed quality development investments. Police body worn cameras and dash cameras are proposed as part of the City’s safety and security investments.

“We believe this budget advances the City’s strategic investment goals, adheres to strong financial principles and manages present service enhancements, “ stated Yelverton. “We are looking forward to seeing this budget in action and how it will benefit the citizens of Southlake.”

First reading is scheduled to take place on September 1st with second reading and the public hearing scheduled to take place September 15th.

The City of Southlake proposed FY 2015 budget is available online at CityofSouthlake.com/FY2016.