Kyle City Council Approves Budget for FY 2015-16

After a roughly two-month process of debate and discussion, plus public input, the Kyle City Council adopted its tax rate and budget for the 2015-16 fiscal year. 

The tax rate for 2015-16 is $0.5848 per $100 home valuation. That amount includes $0.3542 for the city’s Interest & Sinking fund, which pays the debt owed by the city. That figure is $95.4 million as of mid-September. 

That includes $0.0762 for every $100 home valuation because Kyle voters approved a $36 million bond package in 2013. Those bonds will be used to make improvements to five major thoroughfares: Marketplace Ave. Bunton Creek Rd., North Burleson St., Goforth Rd. and Lehman Rd. Kyle voters approved the road bond up to $0.22, but the city’s finance staff reduced that amount to $0.0762, by taking advantage of the city’s credit rating and higher home valuations. 

The other tax component is for Maintenance & Operations, which funds many city services such as police, roads, parks and the Kyle Public Library. That rate is $0.2306.  Kyle City Council adopted a budget of $80.1 million for Fiscal Year  2015-16.