Council adopted the $728.8 million budget during the Sept. 11 meeting, which also included the upcoming fiscal year’s property tax rate.
What you need to know
The adopted budget includes a general pay increase of 4.5% for all city employees that takes effect Sept. 25, according to a council memo. Employees in the police and fire departments will also receive an additional market-based pay increase, per the memo.
“Over the past several years, several of our metroplex competitors have become more competitive,” Council Member Shelby Williams said. “We want to make sure that we remain competitive and the best home for the most talented staff, and that we retain our position as the city of excellence moving forward for not just years but decades to come.”
To help finance the increased compensation, the city is maintaining its current tax rate of $0.4176 per $100 in appraised value. For the homeowner with an average appraised value, it will lead to a $144 increase in the city’s property tax bill because of higher appraised values, according to a budget presentation.
The tax rate’s maintenance and operations component is $0.3026 per $100 in appraised value and is used for general spending. The interest and sinking component is $0.115 and is used for repaying city-issued debt, according to city documents.
Quote of note
“This was a very tough budget season where we all did a lot more math and spreadsheets than we have done in any given year,” City Manager Mark Israelson said. “This is going to keep Plano the best value and the city of excellence going forward, and it does not go unnoticed.”
Dig deeper
As part of the budget process, council also adopted its Community Investment Program that has a budget of $341.8 million. The program is used to maintain streets, parks and recreation facilities and other city infrastructure.
