The overview
A public hearing to consider a new property tax rate and budget for fiscal year 2024-25 will take place during Prosper Town Council’s Sept. 10 meeting. The meeting is expected to begin at 6:15 p.m. inside council chambers at 250 W. First St., Prosper.
Here is a quick look at what will be discussed:
- A $102.62 appropriations budget, including a $52.82 million general fund
- A $0.505 per $100 valuation property tax rate
Sorting out details
The proposed tax rate of roughly $0.505 is a half-cent less than the FY 2023-24 rate of $0.51 and the town’s lowest since FY 2006-07.
Even with the lower rate, the town expects to receive $5.93 million more in revenue from property taxes than FY 2023-24, mostly from new property being added to the tax roll, according to budget documents.
Here is how the proposed property tax rate will be allocated:
- $0.324608 to maintenance and operations
- $0.180392 to interest and sinking, which pays back the town’s debt
The proposed $52.82 million general fund, which will go toward the town’s day-to-day operations, includes funding for:
- 19 additional town staff members
- $11.54 million for police services, a roughly $2 million increase from FY 2023-24’s budget
What else?
The new budget allocates funding for multiple capital improvement projects, including:
- Raymond Community Park
- Pecan Grove Park Trail
- Fire Station No. 4
- Doe Branch wastewater expansion and related projects
- Doe Branch Trail connections
- First Street construction
- Prosper Trail construction
