The Dallas City Council passed its new Economic Development Policy on Wednesday, May 26. The Policy will begin with a one-year transition period by which the City of Dallas will put in place processes and infrastructure to support the decade-long Policy implementation.

“This is a historic moment for the City of Dallas and its residents as this Policy creates equitable access to economic prosperity for all,” said City Council Member Tennell Atkins, District 8. “For too long, residents south of I-30 have not benefitted from the economic boom that has rippled throughout the region. Passing this Policy sends a strong signal to these communities, we hear you, we support you, and we want you to not only succeed but thrive.”

The Policy is a powerful and proactive mechanism that supports hyper-local investments, new job creation, corporate relocation, the tool needed to foster resilient and prosperous communities.

“This is the beginning of a new journey for the City of Dallas. We are excited about the work that lies ahead, eager to begin, and look forward to continuing engaging and incorporating feedback from all stakeholders. This Policy envelops community development into the fold of our economic development toolkit,” said Chief of Economic Development and Neighborhood Services Dr. Eric A. Johnson. “It brings the city one step closer toward fostering an equitable economic landscape and socially progressive Dallas. I want to thank the City Council for its support and City staff for their tireless work in putting together this strategy.”

City Manager T.C. Broadnax released his proposed biennial budget for FY 2022-23 and FY 2023-24 on Saturday, August 6. This year’s budget focus is Responsible, Equitable, Accountable, and Legitimate (R.E.A.L.) Impact. The City will remain focused on delivering core programs and services while also finding innovative ways to provide those things with greater efficiency, higher effectiveness, and increased transparency.

R.E.A.L. Impact Budget Delivers Tax Relief for Residents

The Fiscal Year 2022-23 total operating and capital budget totals $4.51 billion compared to the total budget for the current year which totals $4.35 billion. Of that total, the General Fund is $1.7 billion, which is $172 million, or 11.2% more than the budget adopted by the City Council last September.

Property taxes account for roughly 56.3% of the General Fund Revenue. This year, residents saw a 15.1 percent growth in property values, an increase that provided the means to propose a reduction to the property tax rate for residents. The property tax rate will be reduced by 2.75¢, from 77.33¢ per $100 valuation to 74.58¢. This will save the typical residential homeowner $70.60 on the City portion of the property tax bill.

Budget Town Hall Meetings

The City is asking for feedback from residents about the proposed budget. Dallas City Council Members will hold Budget Town Hall Meetings in the month of August, in a variety of formats: virtual, Tele-Town Hall, and in-person. The full schedule of meetings and more information about how to participate are available at bit.ly/dallasbudgettownhall

If you plan to attend one of the in-person meetings, please check the event calendar the day of and follow your Council Member’s social media channels for changes or updates.

Budget 101 Animated Videos

As crucial as a city budget is when it comes to providing basic services to residents, it can be a bit intimidating. The terminology, big numbers, and all the charts and graphs can be overwhelming, but it doesn’t have to be. The City produced three short animated videos in English and Spanish that explain the budget in its simplest form. Starting Wednesday, August 4, the videos will be accessible here, including language access and closed caption options: bit.ly/cityofdallastv, YouTube.com/CityOfDallasCityHall or our cable channels. The topics are:

Budget 101 – Budgeting Basics
Budget 101 – Where Does The Money Come From
Budget 101 – Where Does The Money Go?