As part of the 2019-20 fiscal year budget Frisco will maintain its current property tax rate.
The Frisco City Council on Tuesday approved its $623 million budget and property tax rate of $0.4466 per $100 valuation. City officials said the city’s rate is among the lowest of its comparison cities and falls well below the average of $0.51911 of those cities. Frisco last changed its rate in 2017-18 from $0.45.
With increased property values residents could still see a higher tax bill.
An ending fund balance in the general fund of $58.4 million is projected, which is 33.4 percent of operating expenditures. That surpasses the city’s policy of maintaining a level of 25 percent.
The budget includes 3 percent on average merit increases for employees, even though the city won't be making as many hires this year.
That's because of two laws that came out of this year's Texas Legislature that has impacted revenue.
One law reduces the amount of money cities can collect in city franchise fees. Cities are also limited on their abilities to calculate building permits based on values.
That, combined with decreased sales tax revenue, equates to about $5 million in less revenue for the city.
Highlights of the budget include keeping the city's 10 percent homestead exemption and the over 65 exemption in place.
The library will receive funding to finish out a mini-library at Stonebriar Centre Mall. There will also be $700,000 used for more library materials. Design is expected to begin this year for the new library that is expected to be relocated next to the Discovery Center.
There are several street projects expected to either continue or begin in 2019-20, including Rockhill Parkway, Panther Creek Parkway and Legacy Drive.
Start-up costs for the city's first employee wellness clinic will be covered by the insurance reserve fund. The clinic will handle such services as police and fire physicals, biometric screenings for employees and drug testing for new hires.
More vehicles and body cameras/vehicle video equipment are expected for the police department.
The fire department will receive more rescue equipment and technology upgrades to the mobile command vehicle and emergency operation center.
The city is also expected to continue focus on several of its top priorities, including downtown reinvestment and corporate growth along the U.S. 380 corridor.
The Collin County Commissioners Court approved its $381.9 million budget and tax rate at its meeting Monday. The rate will be $0.174951, which is a decrease from the current rate of $0.180785.
The Denton County Commissioners Court approved its $321.5 million budget and tax rate Tuesday. The tax rate is $0.225278, which is slightly down from $0.225574. It’s the lowest the tax rate has been since 1986.