Collin County spent far less from its general fund in the last fiscal year than budgeted, and the county’s revenue exceeded initial projections, according to the county’s 2020 comprehensive annual financial report.
Considering challenges officials faced last year, the county’s bottom line is “extremely healthy,” an independent auditor told county commissioners at their April 19 meeting.
The county had nearly $70 million in unassigned revenue when the fiscal year ended Sept. 30, 2020. Despite a slight property tax decrease and rising unemployment, which climbed 3.5 points between the end of fiscal year 2019 and the end of fiscal year 2020, the county’s property tax revenue increased by 4% compared to the prior year, according to the report.
The local economy remained vigorous throughout 2020, fed by major employers, including Toyota North American Headquarters and JPMorgan Chase, and big retail and commercial real estate developments, such as Plano's Legacy West and Frisco Station, the report stated.
The county’s comprehensive annual financial report, which county commissioners accepted April 19, said the county supported economic and population growth by studying and responding to infrastructure needs. The report pointed to the nearly $200 million in bonds issued in June to build new and improve existing nontolled highways and access roads, and the county’s pursuit of completing the Outer Loop project.
Collin County finances healthy despite pandemic, report shows
Continued growth at Legacy West in Plano is helping to boost the local economy, according to the county’s 2020 comprehensive annual financial report. (Courtesy Legacy West)