In a pivotal decision at their meeting on September 18, 2023, the Rockwall City Council voted to adopt a tax rate below the no new revenue tax rate, continuing a decade-long trend of reducing taxes for Rockwall residents. The approved tax rate marks a historic low, being 2.22 cents less than the previous year's rate. In addition to this significant tax rate adjustment, the City Council also greenlit the budget for the fiscal year 2023-2024.
Throughout a series of work sessions and public hearings, the City Council had instructed staff to formulate a balanced budget based on the no new revenue tax rate. This tax rate ensures that the city collects the same amount in taxes as the previous year, following state-prescribed formulas. Consequently, the newly approved tax rate stands at 27.0245 cents per $100 of valuation, a decrease from the previous year's rate of 29.25 cents. The actual change in ad valorem tax for each property is contingent upon its assessed value.
The budget for the fiscal year 2023-2024 allocates nearly $3.4 million for vehicles, personnel, and training within public safety departments. It also addresses the enhancement of Rockwall parks amenities, with a focus on safety and aesthetics. The Animal Adoption Center will receive additions to improve the quality of life for the city's furry friends. Additionally, a new sound system will be installed in Downtown Rockwall to enhance the experience in the historic district. The budget tackles concerns related to employee retention and inflation for City workers, including those in the Police and Fire Departments. Furthermore, there's a 7.7% increase in funding for street maintenance and ongoing large-scale street projects.
This year's budget is a response to the city's continued healthy economy, driven in large part by increased sales tax revenue. Rockwall Mayor Trace Johannesen remarked, "Both residents and visitors are choosing to shop Rockwall businesses, and it makes a huge difference in our local economy. The City of Rockwall works diligently to adopt a balanced budget every year, while lowering taxes—and continuing to invest in public safety, critical infrastructure, and the high-quality services our residents enjoy. This added revenue allows us to do that, without burdening our taxpayers."
The budget's primary focus remains on vital services such as public safety, parks and recreation, and street repair and maintenance. It's important to note that the items addressed in this budget are distinct from the Street Repair Bond approved by voters in 2018. Several factors, including substantial increases in sales tax revenue and growth-related new value, have enabled the city to adopt a tax rate below the no new revenue rate without requiring substantial budget cuts.
The new fiscal year for the City of Rockwall begins on October 1, 2023, with this budget poised to continue addressing the city's key needs and priorities.
