Frisco to hold public hearings on FY 2024-25 property tax rate, city budget

Residents have multiple opportunities to participate in an open discussion about the city's finances for the 2024-25 fiscal year.

What you need to know

Frisco City Council members will hold three hearings on the city budget and property tax rate for FY 2024-25:

• Public budget sessions: August 20 and September 3
• Property tax public hearing: September 17

Here's a quick look at what's being considered:

• A total budget of $273.42 million for day-to-day operations
• $149 million capital improvement projects fund
• $0.425517 per $100 valuation property tax rate

All meetings will be held inside council chambers at 6101 Frisco Square Blvd., Frisco, and will begin around 6:30 p.m., according to the public hearing. notification. Council members are expected to approve the budget and tax rate during the Sept. 17 meeting.

The details

The city's proposed tax rate will be divided into:

• $0.283406 per $100 assessment for maintenance and operation
• $0.142111 per $100 of assessment in interest and sinking, which repays the city's bond debt

Property taxes are the No. 1 source of revenue for Frisco, Chief Financial Officer Derrick Cotten said during a August 12 budget meeting. Even with the new rate, which is roughly $0.01 lower than FY 2023-24, the city expects to collect an additional $16.31 million in property taxes overall — $7.59 million of that from the new properties, according to an Aug. 12 presentation.

As of Aug. 12, the city is still confirming its assessed property values ​​with the Denton County Appraisal District, and the estimated tax revenue could change, Cotten said.

A portion of the city's budget next year will go toward pay raises and life insurance for all its employees, according to budget documents. This includes:

• An average of 4% merit-based raises for employees and 3% for uniformed police and fire personnel
• Increased life insurance policy to $150,000 for all employees

Something to keep in mind

While the property tax rate will decrease, residents' rates for water and sewer, stormwater and environmental services will increase slightly.

• A $0.21 North Texas Municipal Water District rate increase
• 10% higher storm water rate
• 5% higher rate of environmental services

It's zooming in

The city's financial successes can be attributed to the long-term and thoughtful thinking of its leaders, Frisco City Manager Wes Pierson said Aug. 12. According to city documents, the proposed FY 2024-25 budget would provide funding for most projects related to Frisco's pRIORITIES: