Council will hold a public hearing on the budget and tax rate during the Sept. 9 meeting. Per the agenda, adoption of both the budget and tax rate is planned.
The overview
According to city documents, the proposed fiscal year 2024-25 budget for Plano is $758 million, which includes nearly $317.2 million for the Community Investment Program. Previously, staff proposed a $1,000 stipend for all employees, but council members directed a change to adjust employees up to the median pay plus 5%, which is in line with the city’s compensation philosophy.
The new proposal will bring employees making less than the median, plus an additional 5% as of Jan. 1, 2025, up to that threshold, officials said.
Additionally, the proposed tax rate for the 2024-25 fiscal year budget is $0.4176 per $100 of assessed value, which is the same as the current tax rate. The maintenance and operations component of the rate is unchanged at $0.3026 per $100 of assessed value and the interest and sinking component is expected to stay the same at $0.1150 cents per $100 of assessed value.
What’s next?
Council members have agenda items to consider adoption of the budget and tax rate for the upcoming fiscal year, which starts Oct. 1, at the Sept. 9 meeting. The adopted property tax rates will affect tax bills received in January 2025.
