For the first time, the city’s tax revenue calculation includes the 7.5 percent homestead exemption that Frisco City Council passed in June. The exemption was passed in an effort to provide residents some property tax relief.
The city has scheduled two public hearings Aug. 15 and Sept. 5 during the regular council meetings to discuss the proposed budget. Another two public hearings—6 p.m. Aug. 22 and Sept. 5 during the council meeting—are scheduled to discuss the proposed tax rate. Public hearings will take place at Frisco City Hall, 6101 Frisco Square Blvd.
The following are some highlights from the proposed 2017-18 budget:
Lowered tax rate
The city is proposing a tax rate of $0.4466, which is lower than the 2016-17 tax rate of $0.45.
Higher tax revenue
Despite the lower tax rate and the new homestead exemption, the city is still projected to bring in $73.5 million in tax revenue, an 8.6 increase over last year’s tax revenue.
New personnel
The city plans to hire for 51 new positions in the 2017-18 fiscal year. Most of those positions will go to public safety departments, including 20 positions for the police department and eight positions for the fire department. These positions are expected to cost the city nearly $3 million in FY 2017-18.
Piece of the pie
Out of all city departments, the police and fire departments would receive the most funding from the general fund, followed by the parks and recreation department.
