Plano sees $7.2M excess sales tax revenue

For the current fiscal year, the city budgeted $124.6 million in sales tax revenue but collected $131.8 million, creating a $7.2 million surplus, according to city documents.

Budget Director Karen Rhodes-Whitley said the higher total was driven in part by two large one-time sales tax payments received in August and September.

Because the funds are considered one-time revenue, Rhodes-Whitley said they cannot be added to the ongoing operating budget.

Under the policy, city documents state council members could allocate the excess to:

• One-time expenditures
• Rainy-Day Fund
• Capital Maintenance Fund
• Economic Development Fund
• General Fund balance

What’s next?

With council member Steve Lavine absent at the Feb. 9 meeting, Israelson recommended postponing the discussion until all members are present.

Council will discuss the allocation at its Feb. 23 meeting.