April 17, 2023
The Town of Argyle financial status as of the end of fiscal year 2022:
- Cash available as of September 30, 2022, was $20,535,909 and continues to steadily increase with a balance of $23,453,010 as of March 31, 2023. (includes cash for all funds)
- Property tax, sales taxes and charges for services are the three highest revenue sources within the governmental funds the Town receives. Property tax was 37.29% of revenue received at $3,663,937, sales tax was 29% at $2,849,949 and charges for services was 24.74% at $2,430,854 for the fiscal year.
- The Town Debt’s Bond rating is AA+ and all debt payments have been made in full and on time. The Town’s debt per capita is $1,506 compared to surrounding towns and cities for which Argyle’s is very low. (Northlake: $4,889, Justin: $2,670, Roanoke: $4,191, Flower Mound: $2,026, Sanger: $2,329)
- The adopted budget of the General Fund divided by the unrestricted fund balance reflects the number of days within the year in which the fund balance can sustain operations of the Town. The amount of $4,629,507 equates to 324 days, this is above the 120 days required in our financial policies.
- Revenues exceeded what was budgeted for the year by $1,246,248.
- The 2022 certified taxable values increased to $1,064,339,411 over 2021 taxable values even with a Council approved property tax rate decrease from $0.378193 to $0.370482 per $100 valuation ($0.007711 decrease).
- The Towns’ total assets and deferred outflows of resources exceeded its liabilities and deferred inflows of resources at the close of the fiscal year by $43,687,417.
- The total unrestricted net position was $8,893,596 and may be used to meet the Town’s ongoing/unallocated obligations to citizens and creditors, and of this amount the General Fund has $4,629,507, or 88.9% of total FY2022 General Fund budgeted expenditures.
- The Town’s total net position increased by $3,894,605. The increase in governmental activities of $3,502,308 is primarily due to increased property taxes and sales taxes. The increase in business-type activities of $392,297 is primarily due to increased charges for wastewater fees and services.
- The Town’s governmental funds reported combined ending fund balances of $16,264,306, which includes the Municipal Development District (MDD) and Crime Control Prevention District (CCPD) funds. The fund balances increased overall by an amount of $5,205,312. This is primarily due to increased property taxes, sales taxes, and charges for wastewater fees and services.
The Town’s finances show the prosperity of the area and have a steady increase in revenues that can sustain the current and future operations and any current outstanding debt. The Town does have the capacity, with its high bond rating and available cash on hand, to incur additional debt to cover any expansion of the Town’s services.