The Fiscal Year 2022-2023 budget and tax rate of $0.518731 per $100 valuation were approved by City Council at the September 13, 2022, meeting. The Fiscal Year 2022-2023 budget and tax rate will go into effect on October 1, 2022.
FY 2022-2023 Highlights
- The Fiscal Year 2022-2023 tax rate of $0.518731 per $100 valuation is lower than the current rate of $0.5800 and the no new revenue rate of $0.519193.
- This represents the lowest tax rate since at least 1990.
- Total Fiscal Year 2022-2023 expenditures represent an increase of approximately 11.27% over the current year's adopted budget. Fully funding the City's Capital Replacement Fund and Enterprise Solutions Replacement Fund are the primary factors contributing to this increase.
- If the expenses to fully fund the Replacement Funds are subtracted, total expenditures increased by only 2.66%. In an inflationary period of nearly 9%, City staff is pleased to present a budget that allows us to provide the services our residents expect while also keeping expenditures down.
- The budget was developed as if Rule 3.334 were in effect.
“The City of Coppell continues to uphold the commitment to safeguard the City’s monetary funds,” said Budget Officer Tamara Smith. “With the vision of the Mayor and Council, the direction of our City Manager, and the work of the staff, the conservative strategies that are in place help to protect the City’s financial future. In Fiscal Year 2022-2023, we will see several benefits for our citizens, the largest being the City of Coppell’s tax rate. Thanks to the strategies of the Mayor and Council and several factors that helped lower the tax rate, citizens will see some relief in this economically challenging time.”