ROCKWALL, TX (Sept. 20, 2022) At their meeting Monday night, September 19, the Rockwall City Council voted to adopt a rate below the no new revenue tax rate (formerly known as the effective rate), which continues a nine-year trend to decrease the tax rate for Rockwall residents. The approved tax rate is the lowest rate ever adopted in Rockwall’s recorded history—and is 5.75 cents less than the rate last year. Also at the meeting, the Council adopted the budget for fiscal year 2022-2023.
In a series of work sessions and public hearings, the City Council directed staff to prepare a balanced budget based on the no new revenue tax rate, which allows the City to collect the same amount in taxes as the year before, as calculated by formulas prescribed by the state. The new tax rate of 29.25 cents per $100 of valuation is down from the 35.00 cents adopted for the previous year. The actual change in ad valorem tax for any individual property is also a function of its assessed value.
In this budget, there are five new positions created in the Police Department, including two school resource officers (SROs) funded at the request of the Rockwall Independent School District (RISD), two patrol officers, and one management position in dispatch. Additionally, there are three new firefighter positions funded. This budget addresses inflationary concerns for City employees, including those in the Police and Fire Departments. Also, $3 million is allocated for street maintenance, in addition to existing big street projects.
This year’s budget responds to a healthy economy, which is attributed in large part to higher sales tax revenue. “We’re grateful that people are choosing to shop locally, and more visitors are being drawn to Rockwall businesses,” said Rockwall Mayor Kevin Fowler. “The City of Rockwall strives 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 in the process.”
As always, the new budget continues to address important services such as public safety, parks and recreation, and street repair and maintenance. Items addressed in this budget do not pertain to the Street Repair Bond approved by voters in 2018. Several factors combined to enable the City to utilize a rate below the no new revenue rate without making substantial cuts to the budget, including the aforementioned significant increases in sales tax revenue, coupled with the increase in growth-related new value. The City’s new fiscal year begins on October 1, 2022.
Press release by the City of Rockwall.
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