Frisco City Council members unanimously approved a $6.14 million increase to the city’s fiscal year 2023-24 general fund budget during a March 19 meeting.
What happened
The increase brings the budget from $266.9 million to $273 million, which was only possible because the city was already under budget from the previous year, council member Bill Woodard said.
“Our staff as a whole throughout the city did a really good job last year of managing their expenses, managing their budgets and coming in under budget,” he said. “Kudos to everybody across the board and all the staff for the great work that they did for the citizens of Frisco last year.”
Breaking it down
The increase is the city’s second FY 2023-24 budget amendment, Budget and Strategic Planning Director Tanya Anderson said.
Here is a quick look at what the amendment did:
- Increase to the general fund’s salary and benefit line items related to adding three firefighter and three information technology security positions
- Decrease in sales tax and building permit revenues
- Decrease in the allocation for economic incentives relative to sales tax decline
- Increase in interest income
- Transfer funds to the capital reserve fund
“After the completion of the [FY 2022-23] audit, we identified that we were able to transfer $5 million back to the capital reserve fund,” Anderson said.
The changes bring the general fund’s total revenue from $262.22 million to $260.59 million and the capital reserve fund from $19 million to $24 million, Anderson said.
“All funds and appropriations are under continuous review for savings and efficiencies,” Anderson said.
