Highland Village councilmembers held a special meeting Tuesday to approve the second and final read of the city’s 2022-2023 budget.
The assessed valuation came in at a 7% increase in property tax revenue, which provides an additional $1,023,465 with most of that available for maintenance and operations.
The city’s property tax rate will decrease from $0.56302 to $0.546825.
Sales tax revenue is projected to increase by 2.8% over last year’s budgeted amount.
The 2023 base budget is $20,952,086, which is a 1.7% increase over last year’s budget. A $390,653 supplemental budget is also included.
Key initiatives and projects this coming year include continuation of the School Resource Officer program with Lewisville ISD providing additional funding for the second officer, Doubletree Ranch Park splash pad resurfacing and installation of fencing, a drainage improvement plan, reconstruction of streets, completion of the Chapel Hill trail connection, and an increase in overtime to move police officers to a bi-weekly 84-hour schedule.
The full budget can be viewed on the city’s website.
The new fiscal year begins on October 1, 2022.