Town expected to lower tax rate, expand youth sports amenities and bolster public safety with 2021-26 budget and financial plan.

The Town Council held a public meeting to discuss the proposed fiscal year 2021-2026 budget and financial plan. The Town develops its budget annually as part of a five-year budget process.

The proposed tax rate for FY21-2022 is $0.643948, reduced from $0.649702.

The budget presentation also featured a discussion of some of the components covered in the proposed budget, including adding turf infields to the youth baseball fields at Cottonwood Ballpark, a new youth softball complex at Lakeside Middle School, and improvements to the camping ground at Little Elm Park.

Additionally, the budget will cover the first phase of the Cottonwood Park improvement project to fund a playground, restrooms, improved parking, and other enhancements.

Within the proposed five-year budget, the Town is also able to expand public safety services. It will add a fourth fire station, an additional police substation along U.S. 380, and another police patrol area to the northwest region of town.

Earlier this year, the Town underwent a financial review with Standard & Poor's and, due to its strong local economy and prudent financial management practices, received an upgraded credit rating. As a result, the Town's rating moved from AA to AA+, which is considered very high-grade credit.

"We are thrilled to be able to reduce the tax rate while providing outstanding services to our residents and stakeholders while operating a lean organization," said Matt Mueller, Town Manager.

The Town Council will vote to approve the proposed budget and new tax rate on Tuesday, September 7.