Prosper to hold public hearing on FY 2024-25 property tax rate, budget

Prosperous residents have the opportunity to participate in a discussion about their city's finances for the upcoming fiscal year.

Overview

A public hearing to consider a the new property tax rate and budget for the 2024-25 fiscal year will take place during the Prosper City Council meeting on Sept. 10. The meeting is expected to start at 18:15 inside the council chambers at 250 W. First St., Prosper.

Here's a quick look at what will be discussed:

• An appropriations budget of $102.62, including a general fund of $52.82 million
• A property tax rate of $0.505 per $100 of assessment

Order details

The proposed tax rate of about $0.505 is half a cent less than the FY 2023-24 rate of $0.51 and the city's lowest since 2006-07.

Even with the lower rate, the city expects to receive $5.93 million more in property tax revenue than FY 2023-24mainly from new properties added to the tax rolls, according to budget documents.

Here's how the proposed property tax rate would be broken down:

• $0.324608 for maintenance and operation
• $0.180392 for interest and sinking, which repays the debt of the city

The proposed $52.82 million general fund, which will go toward day-to-day city operations, includes funding for:

• 19 additional city staff members
• $11.54 million for police services, an increase of approximately $2 million from the FY 2023-2024 budget

What else?

The new budget allocates funds for numerous capital improvement projects, including: