Monday, October 18, 2021

City Council Approves City Budget for FY 2022

During the meeting September 21, the Southlake City Council approved the budget for FY 2022. The new budget year starts October 1, 2021. 

The proposed operating budget totals $104.6 million and includes a 1.5 cent tax rate decrease, reducing the total rate to $0.390. The tax rate reduction means a revenue reduction to the City of $1.23 million. 

Southlake’s 20% homestead exemption continues for FY 2022, the highest amount allowed by law. The 20% homestead exemption means homeowners of an average-valued home in Southlake will receive the equivalent of an approximate eight-cent tax rate reduction. 

The City Council has worked strategically for meaningful tax relief for homeowners, managed with the consideration that as Southlake continues to grow, and infrastructure will need to be created and maintained. View a timeline of tax relief initiatives. 

The City’s budget funds everyday services such as fire response, police protection, drinking water, wastewater and streets to go from place to place. But the budget also goes beyond basic services to support the quality of life for those who live, work and play in Southlake such as beautiful parks and open spaces, recreation opportunities and programs for everyone. 

The City of Southlake strategically plans each year with a balanced budget, directing resources to areas essential to the community’s wellbeing. We know these services and activities are important because our citizens tell us what matters to them through the biennial Citizen Satisfaction Survey, customer feedback and discussions with staff and elected leaders. 

Learn more about the FY 2022 budget at www.CityofSouthlake.com/FY2022. Learn more about our budgeting process at www.CityofSouthlake.com/AllAboutTheBudget