Friday, April 12, 2024

City Council Begins Consideration of FY 2024 Budget

Southlake City Manager Shana Yelverton has submitted the proposed FY 2024 Budget to the City Council for consideration.

The FY 2024 budget priorities include advancing school safety measures, updating and enhancing comprehensive plans, optimizing the operations of our pickleball complex, ensuring seamless facility maintenance, and upholding the efficiency of the City’s public utilities operations and maintenance.

A list of numbers from the budgetHomeowner Taxpayer Relief and Reducing Debt

The proposed operating budget reduces the ad valorem rate to $0.319, the 13th initiative to slash taxes since 2009. The City of Southlake continues to provide for the maximum allowable 20% exemption in the proposed FY 2024 budget. In addition, an over four-cent reduction of the tax rate has also been proposed as another method of providing tax relief.

Mayor John Huffman reiterated Council’s steadfast commitment to reducing the property tax burden while maintaining the highest standards of excellence in city services. He emphasized, “This budget certainly reflects our financial priorities of taxpayer relief, while ensuring we can meet community needs. We’re making sure we deliver on services that we have promised to our citizens.”

The 20% homestead exemption means homeowners of an average-valued Southlake home will receive the equivalent of an approximate 6.4 cent tax rate reduction.

What’s the plan going forward?

As noted by Sharen Jackson, Chief Financial Officer, in a presentation before Council on August 15, the proposed FY 2024 Budget follows well-defined financial guiding principles, positioning the City for budget stability.

“We are all aware that our decisions today will impact our future. [Sustainability] is a critical aspect of our guiding principles that ensure our decisions today will impact tomorrow’s fiscal health, ” said Chief Financial Officer Sharen Jackson.

The Council will review the proposed budget at their meetings on September 5, 2023, and September 19, 2023. These meetings are open to the public and we encourage you to attend to learn more about the budget.

For more detailed information on the proposed FY 2024 budget or for more information about the budget process, visit CityofSouthlake.com/FY2024.

Image of two people running and a graphic of the Fit City logo
An image of a family bowling and dining