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Colleyville staff previews preliminary budget; proposes raising homestead exemption from 7% to 14% (estimated $1M revenue)
Summary
City staff presented a preliminary operating and utility budget on June 17 and noted a proposal to increase the homestead exemption from 7% to 14%, which staff estimated would raise about $1,000,000 in property tax revenue; staff outlined timeline for certified values, hearings and adoption.
City staff gave a preliminary overview of Colleyville’s proposed 2025–26 budget at the council work session on June 17, highlighting an initiative to increase the homestead exemption from 7% to 14% and outlining the schedule for certified values, hearings and adoption.
A staff member identified in the record as Tiffany summarized revenue and expenditure projections and the proposed homestead change: “The new initiative as you bugged on it, the last meeting was to add an additional 7 percent for the homestead and taking that to 14% for a homestead exemption and we're looking at approximately a $1,000,000 increase in property tax revenues,” Tiffany said.
Tiffany said preliminary citywide operating revenues were about $68.2 million and preliminary expenses about $67.5 million, leaving an approximate $700,000 variance; she said roughly $400,000 of that variance was in the drainage fund. Tiffany reported the general fund’s preliminary revenues at about $31.6 million and preliminary expenses about $31.3 million, leaving a roughly $300,000 surplus at that point.
Staff also reviewed departmental and personnel spending drivers. Tiffany said the city’s proposed increase in the general fund budget (from roughly $29.0 million to $31.0 million) represented about a $2.2 million increase, with $1.6 million of that tied to salaries and benefits and about $1.1 million attributed to fire and police costs, including a recently discussed compensation study and insurance adjustments.
On property valuations, Tiffany said the Tarrant County Appraisal District provided preliminary appraised values of about $9.4 billion overall and $8.3 billion for residential property as of May; she noted roughly 10% of that roll remained under review because appeals were pending and final certified values were expected later in July. Tiffany reminded the council that state property‑tax reforms require several rate calculations and public disclosures (she referenced the voter‑approval tax rate and the “no‑new‑revenue” tax rate) and said the city’s charter allows a 7% revenue increase but that the charter calculation and state calculations differ for disclosure purposes.
Tiffany described the near‑term schedule: city staff will discuss the five‑year capital improvement plan in July, receive final certified values from Tarrant Appraisal District on July 25, present the proposed budget and tax rates in August with public hearings to follow, and hold first and second readings and adoption in September.
There was council discussion during the presentation about the appearance of commercial vacancy signage and other items; staff said the numbers were preliminary and likely to change as Tarrant Appraisal District issues certified values.
No final votes or formal adoptions were made at the June 17 work session; staff described the briefing as a roadmap for later public hearings and ordinance readings.
