Trophy Club residents will see the town’s tax rate go down by 1 cent per $100 of assessed property value for fiscal 2015 under a plan approved by the Town Council at its Aug. 12 meeting.
The Council voted for an ad valorem tax rate of 49 cents per $100 of assessed value.
Two public hearings will be held at upcoming meetings before the new rate receives final approval. The new fiscal year begins on Oct. 1.
Mayor Pro Tem Greg Lamont said the lower rate represents the Council reducing expenditures without eliminating or reducing any necessary or currently provided services to residents.
"There is still some work to be done," Lamont said. "Remember as we approach build out of our town, we will be flat-lining in our revenue and need to plan for that reality now."
Some details of the coming fiscal year’s budget are being finalized, but the Council at the Aug. 12 meeting was able to finalize an important detail: $600,000 in capital improvements funded by a tax note. Those funds will allow for street repairs and improvements and a major repair of the Lakeview soccer fields.
The soccer field improvements should cost around $150,000, and Trophy Club’s soccer association is expected to chip in about $15,000 to that total. Lamont described the conditions of the field as deteriorated and called the improvements long overdue.
"I would prefer to see that the soccer field get placed in the capital improvements and get that moving," Lamont said at the meeting.
The tax note is expected to fund repairs of Pin Oak Court, Timberline Court, a section of Pebble Beach Drive, drainage inlets on Cypress Court and Phoenix Drive. Additional bleachers and security cameras will also be installed at the baseball fields at Independence East using tax note funds.