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Council Approves Fiscal Year 2023 Budget and Tax Rate

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September 20, 2022


Following the second round of public hearings at its September 13 meeting, the City Council approved the Fiscal Year (FY) 2023 budget and adopted a tax rate of $0.609822 per $100 of valuation which is less than the FY22 tax rate of $0.614660 per $100 valuation

Of the total tax rate, approximately $0.45 is dedicated to maintenance and operations, and approximately $0.16 is dedicated to debt service payments. The debt service portion of the tax rate was anticipated to increase as a result of the planned issuance of General Obligation Bonds that were approved by voters in the 2012 and 2019 Bond Elections. However, the financial impacts of the General Obligation bond issuances this year were less than the projections included in the materials provided to the public as part of the 2019 Bond Election process.

 Revenues for all funds total $89,782,283, an increase of $4.79M compared to the FY 2022 budget. Primary revenue sources are property tax ($32.96 million), sales tax ($14.40 million), hotel occupancy tax ($4.80 million), and utility service fees ($15.27 million).  

The new budget takes effect on October 1 and includes the following significant items:

  • $500,000 funding for the creation of an Other Post-Employment Benefits (OPEB) trust.
  • $347,000 for Fire facility maintenance.
  • $82,000 for facility lightning protection.
  • $300,000 to utilize available Texas Ambulance Services Supplemental Payment Program (TASSPP) funds.
  • $110,000 for the painting of Wheeler Bridge.
  • $223,000 for Beltway Trail and Greenspace construction documents.
  • $55,280 for Beckert Park light bollard replacement and electrical improvements.
  • $260,000 to purchase chipper equipment for the Parks department.
  • $132,500 for a Park Land Dedication & Development fee study.
  • $192,459 for Addison Athletic Club fitness wing wall treatments.

The FY 2023 proposed five-year capital improvements budget totals $43.53 million and includes:

  • Midway Road Reconstruction ($10.38 million)
  • Vitruvian West Streetscape and Bella Lane Extension ($2.25 million)
  • Improvements to Existing Buildings ($2.58 million)
  • Keller Springs Reconstruction ($10.20 million)
  • Les Lacs Pond Improvements ($1.27 million)
  • Vitruvian Park Phase 9, Block 701 Improvements ($0.84 million)
  • Quorum Drive Reconstructions ($0.75 million)
  • Traffic Signal and ADA Improvements ($1.4 million)
  • Lake Forest Drive Utility Improvements ($0.87 million)
  • Rawhide Creek Basin Improvements - Les Lacs Area ($2.01 million)
  • Bravo/Golf Taxiway Improvements ($5.84 million)
  • Reconstruction of Jimmy Doolittle Drive ($1.55 million)

You can watch the Council's budget discussion here and read the presentation here. You can watch the Council's tax rate discussion here and read the presentation here.

Council Approves Fiscal Year 2023 Budget and Tax Rate