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Tax rolls confirm revenue reduction
Certified property tax rolls were released on Thursday, with The Colony officially bringing in $2.1 billion. Though there was new construction in town last year with a taxable value of approximately $53 million, existing values decreased by about $105 million, resulting in a net reduction of $51.9 million, Finance Director Rebecca Lai said./File photo
By BLAINE CRIMMINS, bcrimmins@acnpapers.com
The final numbers are in, and the city of The Colony is facing a 2.4-percent reduction in property tax revenue for the next fiscal year.
The certified tax rolls were released on Thursday, with The Colony officially bringing in $2.1 billion in property taxes. Though there was new construction in town last year with a taxable value of approximately $53 million, existing values decreased by about $105 million, resulting in a net reduction of $51.9 million, Finance Director Rebecca Lai said.
Despite the dip, no one is pushing the panic button at City Hall. Lai said the city has been planning ahead for months in anticipation of a decline in tax revenue.
Lai said no more personnel layoffs are planned, and because the cuts are coming from within city departments, residents should not notice a difference in terms of services.
“The little bits that we have to change are coming out of departments’ line-items without affecting personnel or services. We are trying to maintain the same level of services. It’s difficult but we are working on it,” she said. “No program has been cut.”
Once approved by the city council, the budget will be officially adopted on Sept. 21. A public hearing on the budget is scheduled for 7 p.m. Aug. 17 at City Hall, at which residents are encouraged to attend and share their opinions on the financial direction of the city.
City staff members will make a formal presentation of the proposed budget, which includes a .25-cent reduction to the tax rate, at the next city council meeting, scheduled for 7 p.m. Monday.
A public hearing specifically related to the tax rate is scheduled for 7 p.m. Sept. 7. Once finalized, the budget will take effect at the start of the next fiscal year, Oct. 1.
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